BNET Industries
Wachovia Corp. (WB) is in the Financial Services Industry
- Revenue
- Dec 31 2007
- $55.5B
- Profit
- Dec 31 2007
- $6.3B
- Market Cap
- May 09 2008
- $54.7B
Latest News and Analysis
Clear Channel Parties Have Deal in Principle
NEW YORK (Reuters UK) - The parties in the dispute over financing the $20 billion (10.3 billion pound) Clear Channel Communications (CCU) buyout reached an agreement in principle on Tuesday on settling the case and striking a new deal at a lower price, a source...
Clear Channel in Settlement Talks, Trial Delayed
By Megan Davies and Leslie Gevirtz NEW YORK (Reuters) - Talks are underway to settle a dispute over financing the $20 billion leveraged buyout of U.S. radio operator Clear Channel Communications Inc (CCU), the company said in a statement on Monday. A trial...
Wachovia Cutting Fixed-income and Support Jobs
By Joseph A. Giannone NEW YORK (Reuters) - Wachovia Corp (WB) Chief Executive Ken Thompson told investors on Monday his hard-hit U.S. regional bank was cutting back corporate and investment bank jobs to reduce costs. The Charlotte, North Carolina, bank reaffirmed plans to...
Wachovia Restates, Nearly Doubles Loss
NEW YORK (Reuters) - Wachovia Corp (WB), the fourth-largest U.S. bank, on Tuesday nearly doubled its previously reported first-quarter loss because of a write-down on three contracts in a bank-owned life insurance portfolio. The bank is now reporting a net loss available to...
Wachovia May Face $1 Bln Charge After Court Ruling
By Jonathan Stempel NEW YORK (Reuters) - Wachovia Corp (WB) expects to take a charge of $800 million to $1 billion in the second quarter because of a federal appeals court decision over the taxation of leveraged lease transactions, the bank said on...
Citigroup to Sell $3 Bln in Stock; Shares Fall
By Jonathan Stempel and Dan Wilchins NEW YORK (Reuters) - Citigroup Inc (C) said on Tuesday it plans to sell $3 billion of common stock to bolster its capital levels, sending its shares down in after-hours trading. The largest U.S. bank is raising capital after...
Clear Channel Banks Ask For Delay in Texas Trial
By Jessica Hall PHILADELPHIA (Reuters) - Clear Channel Communications Inc (CCU) said a Texas court on Monday dismissed a request by a group of banks to delay a trial over the funding of the $20 billion buyout of the radio station operator. The...
Morgan Stanley See Big Bank Woes Just Beginning
By Joseph A. Giannone NEW YORK (Reuters) - Morgan Stanley (MS) analysts on Monday told clients to "sell the rally" in financial stocks, slashing forecasts for big bank earnings and warning that the current credit crunch is only just beginning. In aggregate, Morgan...
Wachovia Part of Probe Into Latin Drug Money: Report
CHICAGO (Reuters) - Wachovia Corp (WB) is being investigated by federal prosecutors as part of a probe into alleged laundering of drug proceeds by Mexican and Colombian money-transfer companies, The Wall Street Journal reported on Saturday. An official of Charlotte, North...
NY Judge Dismisses Counterclaims Vs Clear Channel
By Jessica Hall PHILADELPHIA (Reuters UK) - A New York judge dismissed counterclaims against Clear Channel Communications Inc (CCU) on Friday in a lawsuit over the funding of a $20 billion (10 billion pound) buyout of the radio station operator. The private equity buyers -- Thomas...
NY Judge Dismisses Counterclaims Vs Clear Channel
By Jessica Hall PHILADELPHIA (Reuters) - A New York judge dismissed counterclaims against Clear Channel Communications Inc (CCU) on Friday in a lawsuit over the funding of a $20 billion buyout of the radio station operator. The private equity buyers -- Thomas H....
Wachovia to Pay Up to $144 Mln to Settle Probe
By John Poirier WASHINGTON (Reuters) - Wachovia Bank agreed to pay as much as $144 million to settle allegations it failed to help consumers who fell prey to schemes operated by telemarketers that maintained accounts at the bank, regulators said on ...
Merrill, Other Banks Tap Debt Markets After Losses
NEW YORK (Reuters) - Investment banks including Merrill Lynch & Co (MER), UBS (UBSN) and Wachovia Corp (WB) sold more than $13 billion in new debt on Tuesday in a move to shore up their balance sheets. Financial firms "posted losses which eroded...
Citigroup Launches $6 Billion Preferred Share Sale: IFR
NEW YORK (Reuters) - Citigroup (C) on Monday will sell $6 billion in non-cumulative perpetual preferred shares, said International Financing Review, a Thomson Reuters publication. The shares are expected to pay a fixed 8.4 percent dividend for 10 years and pay a floating...
National City Raising $7 Billion; Shares Sink on Loss
By Paritosh Bansal NEW YORK (Reuters) - National City Corp (NCC), a large U.S. Midwest bank, said on Monday it is raising $7 billion and slashed its dividend after mortgage and home equity problems led to its third straight quarterly loss. The bank's...
Bank of America Net Falls on Credit Losses
By Jonathan Stempel NEW YORK (Reuters) - Bank of America Corp (BAC), the largest U.S. retail bank, posted a 77 percent decline in quarterly profit on Monday, as a growing number of consumers and real estate developers failed to repay loans. Profit dropped...
Bank of America Net Down 77 Pct on Credit Losses
By Jonathan Stempel NEW YORK (Reuters UK) - Bank of America Corp (BAC), the largest U.S. retail bank, posted a 77 percent decline in quarterly profit on Monday, as a growing number of consumers and real estate developers failed to repay loans. Profit dropped for a...
Wall St. Braces For Thousands of Pink Slips
NEW YORK (Reuters) - Citigroup Inc (C), Merrill Lynch & Co (MER) and Wachovia Corp (WB) this week announced 12,400 job cuts, and the number of pink slips is likely to rise as losses mount and the economy works its way out of...
Banks in Clear Channel Case Ask For Stay of Trial
NEW YORK (Reuters UK) - The banks being sued in the dispute over the $20 billion (10 billion pound) Clear Channel Communications Inc (CCU) leveraged buyout asked the Supreme Court of Texas to stay all proceedings in a trial court there, according to court documents....
State Officials Probing Auction-rate Market
By Karen Pierog CHICAGO (Reuters) - New York's attorney general and securities regulators in several U.S. states are probing auction-rate securities and the role Wall Street firms had in enticing investors into the troubled $330 billion market. New York Attorney General Andrew Cuomo's...
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- Incorporated: 1967
- CEO: Mr. G. Kennedy Thompson
- Employees: 121,890
Wachovia is a bank holding company with total assets of $782.90 billion and deposits of $449.13 billion at Dec 31 2007. Co. provides various commercial and retail banking and trust services through full-service banking offices in Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maryland, Mississippi, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington, D.C. Co. also provides other financial services, such as mortgage banking, investment banking, investment advisory, home equity lending, asset-based lending, leasing, insurance, international and securities brokerage services.
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Wachovia Corp. Company Info
Board of Directors
Mr. Lanty L. Smith
Non-Executive Chairman
Mr. Robert A. Ingram
Mr. Donald M. James
Mr. Mackey J. McDonald
Mr. Joseph Neubauer
Mr. Timothy D. Proctor
Mr. Ernest S. Rady
Mr. Van L. Richey
Ms. Ruth G. Shaw
Ms. Dona Davis Young
Mr. Benjamin P. Jenkins III
Vice-Chairman
Mr. G. Kennedy Thompson
Mr. John D. Baker II
Mr. Peter C. Browning
Mr. John T. Casteen III
Mr. Jerry Gitt
Mr. William H. Goodwin Jr.
Ms. Maryellen C. Herringer
Contact Information
One Wachovia Center
Charlotte, NC
704 374 6161
NAICS Code
Commercial Banking: 522110
