Wachovia

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Headquarters: One Wachovia Center Charlotte, NC 28288 Employees: 120,000 CEO: Robert Steel Stock Symbol: WB Website: http://www.wachovia.com Career Site 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. History 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. Benefits - Managed healthcare plans (HMO and POS) - Traditional deductible healthcare options - Varied categories of dependent coverage - Preventive health care benefits and cost-effective prescription drug programs - Two levels of dental coverage - Vision care plan - Health Care Spending Account - Matched Savings Plan Save up to 15% of pay, and Wachovia will match 100% of the first 6% of contributions made after one year of service. Under the plan, you are able to invest in one or more select funds. All employees are fully vested on their first day of participation.  - Pension Plan Receive a benefit at retirement based on service and compensation. Benefits are generally payable at age 65 for those with five or more years of service, or as early as age 50 for those with 10 or more years of service.  - Short-Term and Long-Term Disability Plans Continue a percentage of your income if you are unable to work.  - Life Insurance Coverage Choose from Basic Term Life, Supplemental Term Life, Dependent Term Life, Personal Accident, Universal Life, and Company Travel Accident.  - Employee Financial Services Special financial benefits for employees, including: - No-service charge checking account - Preferred interest rates on consumer loans1 and credit cards2 - Mortgage and home equity loans1 with discounted or no origination fees - Free safety deposit box (where available) - Standard Travelers Cheques at no fee, and Cheques for Two at a discounted fee of 1% of purchase price - Discounted rates on auto and home insurance - Long-Term Care Insurance Ensure that you, your parents and parents-in-law, grandparents, and grandparents-in-law get needed coverage, and at group rates.  - Legal Services Plan Get quick and affordable access to routine legal services for you and your family at a special group rate. Updated December 31, 2008