Wachovia Financial Services
, based in Charlotte, North Carolina, is now operating as a fully owned subsidiary of Wells Fargo
, following a government-forced sale at the end of 2008 and by 2012, the brand will by fully absorbed into the mother company. The today’s financial firm has started its existence back in 1879 as Wachovia National Bank. Wachovia Corporation was established in 1911 after a merger of Wachovia National Bank and Wachovia Loan and Trust. In 2001, Wachovia Corporation merged with First Union Corporation. As a part of the deal, the latter shed its name and started operating under the brand name and the stock ticker (NYSE: WB) of Wachovia.
The main business developed by Wachovia under the cap of Wells Fargo include personal finance, banking and lending
, small business financing, wealth management and financial services for corporate and institutional clients.
To their individual clients, the financial experts of Wachovia are pleased to offer a set of online services including online banking with bill payment and money transfer services, mobile banking and online brokerage, as well as retirement planning, investment advisory and insurance. The company’s retail banking business encompasses checking and savings accounts, deposits, finance management, credit and check cards issuance, while its loan portfolio includes mortgage loans and home equity, and also student and auto loans.
In support of their small business clients, the team of Wachovia has tailored a set of financing solutions including online and mobile banking, deposits, bad check recovery, business financing which, in its turn, encompasses commercial mortgage plans, business loans, credit lines, business bank account, and credit cards, etc. Further, the business suit of Wachovia contains various options for business finance management and investment advisory, insurance plans, HR solutions, retirement and savings plans.
The Corporate and Institutional Unit of Wachovia offers banking and financial services and consulting to the company’s governmental and corporate clients such as market analyses and consulting services, financing of public and public-private projects through partnerships with governments and institutions, international banking, various lending and financing solutions, asset and cash management services, retirement funds, risk assessment and management services, sales and trading assistance.
In 2007-2009, Wachovia suffered severe losses under the harsh conditions of the widening global financial recession – about nine billion US dollars for the second quarter of 2008 – and the company’s CEO Ken Thompson was forced to retire. He was succeeded by Lanty Smith and then in July 2008, the management of Wachovia Treasury Undersecretary Bob Steel had to help the seriously ailing company. Gradually, Wachovia became unable to sustain independent existence and in October 2008, the merger of Wells Fargo and Wachovia Corporation was unanimously approved by the Federal Reserve of the United States.
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