Wachovia

July 27, 2011 – 11:04 am

WachoviaBusiness Profile
Wachovia is a financial holding firm incorporated in 1967 under the laws of North Carolina. The current organization has roots in Wachovia Corporation and First Union Corporation which merged in September 1, 2001. Wachovia subsequently entered in attractive markets through various acquisitions, prominent being Golden West and Westcorp. The firm serves approximately 13 million customers with a comprehensive range of retail and commercial banking, trust and investment products through online banking channels, and more than 3,400 retail banking branches and 750 Wachovia Securities offices spread across US. The firm operates through its principal banking subsidiaries, Wachovia Bank, National Association and Wachovia Bank of Delaware, National Association, and World Savings Bank, FSB.

The firm also offers a variety of other financial products and services including investment banking, mortgage banking, investment advisory, asset based and home equity lending, insurance, leasing, and securities brokerage. The firm’s retail securities brokerage business is carried out by Wachovia Securities, LLC which operates in operates in 49 US states.

The firm’s headquarters are located in Charlotte, North Carolina. The bank’s common stock is listed on the New York Stock Exchange under the ticker WB. The bank had total assets of $707 billion and shareholder’s equity of $69.7 billion as of December 31, 2006.

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The bank offers its services through four major business segments: the General Bank, Capital Management, the Corporate and Investment Bank, and Wealth Management.

General Bank: General Bank segment provides a wide range of banking services and products to small businesses, individuals, governmental institutions and commercial entities in Washington, DC and 21 other US states.

The segment’s key product offerings include lending, deposit, and investment services and products. General Bank also provides specialized financial products including global trade products and services, treasury services, loans and leases, and capital markets services and products.

It serves its customers through 43,000 sales and service executives, 1,500 small business and commercial relationship managers, and 2,500 licensed financial specialists. The segment operates through a network of over 3,400 bankin branches and 5,200 ATMs.

The segment serves 11.5 million businesses and households and has 4.0 million active online clients. The segment’s small business clients typically have annual turnovers up to $3 million; business banking client’s have annual turnover in the range of $3 million to $15 million; and commercial client’s have turnovers in the range of $15 million to $250 million. The segment also serve mortgage clients in 50 US states and also provide auto loans in 46 US states.

In 2006, the segment generated total revenues of $15.7 billion, average core deposits of $232.7 billion and had $223.4 billion of average loans outstanding. The segment employs approximately 55,600 people.

Wealth Management: The segment offer customized products to high net worth individuals and financial institutions through a team of experienced relationship managers and financial advisors. The firm offer complete end to end integrated solutions covering wealth creation, growth, preservation and transfer of wealth to future generations. The Company’s family office solutions to high net worth individuals are offered through an independent business called Calibre.

The segment has a team of 950 wealth management advisors and 255 insurance brokers. Wealth Management segment serves customers with more than $2 million in investable assets. The segment has four family branches which serves families with more than $25 million in investable assets. The segment also provides risk management and commercial insurance brokerage services, life insurance, employee benefits, personal insurance and executive benefits services to individuals and businesses through Wachovia Insurance Services. Wachovia Insurance Services operates through 40 offices in Washinton, DC and 19 other US states.

The segment generated total revenues of $1.4 billion in 2006. As of December 31, 2006, the segment’s average loans stood at $16.2 billion and average core deposits were $14.5 billion. During the same period the segment had $72.4 billion assets under management and $143.9 billion assets under administration.

Corporate and Investment Bank: Corporate and Investment Bank segment offers a broad array of services and products to public as well as private corporations, financial institutions, and institutional investors.

The segment’s global markets and Investment banking businesses operate under Wachovia Securities brand and provides financial advisory, structuring, execution and capital raising services. This segment also offers treasury services, asset-based lending, principal investing and global correspondent banking services.
The Corporate and Investment Bank employs 5,700 people. The segment has relationships with approximately 3,600 corporate clients and 2,500 institutional investors.

The segment generated total revenues of $6.7 billion in 2006. As of December 31, 2006, the segment’s average loans stood at $16.2 billion and average core deposits were $14.5 billion. During the same period the segment had total lending commitments of $107.2 billion.

Capital Management: The segment provides a wide range of proprietary as well as nonproprietary retirement and investment services and products to institutional and retail clients. The segment offers retail brokerage products and services through Wachovia Securities, investment solutions through Evergreen Investments and securities lending products and services through Metropolitan West Securities.

The segment generated total revenues of $6.0 billion in 2006. As of December 31, 2006, the segment’s total broker client assets were $760.0 billion, mutual fund assets were $108 billion and retirement plan assets were $110.4 billion.

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