One Wachovia Center
Note: Wells Fargo announced in October it would buy Wachovia for $15.1 billion. Citigroup also offered to buy the company but was outbid by Wells Fargo. The deal is expected to close January 1, 2009. A large number of layoffs will likely occur following the merger.
Profile: Wachovia Corporation provides a broad range of banking, asset management, wealth management, corporate and investment banking products and services.
Wachovia has retail and commercial banking operations in 21 states with 3,300 retail banking offices from Connecticut to Florida and west to Texas and California. Nationwide, Wachovia provides retail brokerage products and services in 48 states, mortgage lending in all 50 states and auto finance covering 46 states.
The company's retail brokerage operations under the Wachovia Securities brand name manages more than $1.2 trillion in client assets through 18,600 registered representatives in 1,500 offices nationwide.
Wachovia is the fourth largest bank holding company in the United States based on assets. Third largest U.S. full-service brokerage firm based on client assets.
Wachovia had assets of $808.9 billion as of March 31, 2008.
Net income at Wachovia was $6.31 billion in 2007, down 19% from the previous year.
Robert Steel was named CEO of Wachovia in July. He was previously Under Secretary at the Department of Treasury.
Wachovia was formed by the 2001 merger of First Union Corporation and the former Wachovia Corporation. In connection with the merger, First Union changed its name to Wachovia Corporation.
Wachovia is the Latin form of the German name Wachau. In 1753, Moravian settlers gave this name to a tract of land they acquired in North Carolina. The settlers chose the name because the land resembled a valley along the Danube River known as Der Wachau.
In 1879, a bank opened in the town of Winston under the name Wachovia National Bank. Fourteen years later, Wachovia Loan and Trust opened nearby. The two merged in 1911 to form Wachovia Bank and Trust, which evolved into Wachovia Corporation.
Wachovia bought Golden West Financial for $25.5 billion in 2006.
On October 2007, Wachovia officially acquired A.G. Edwards, which was combined with Wachovia Securities, LLC. The combined firm will have an enhanced share of the U.S. brokerage market with significantly increased penetration in 48 of the 50 largest metropolitan statistical areas.
- Managed healthcare plans (HMO and POS)
- Matched Savings Plan
- Pension Plan
- Short-Term and Long-Term Disability
- Life Insurance Coverage
- Employee Financial Services
- Long-Term Care Insurance
- Legal Services Plan
Updated December 31, 2008