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Wachovia Corp

BUSINESS
February 13, 2009 | Times Wire Reports
Wachovia Corp., the bank purchased by Wells Fargo & Co., will pay more than $4.5 million to settle a brokerage regulator's claims that it failed to ensure that clients received discounts on investment trusts and mutual funds. From 2001 to 2006, the bank's Wachovia Securities subsidiary let customers pay $2.7 million in "additional and excessive" charges, the Financial Industry Regulatory Authority said in a settlement.
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BUSINESS
April 23, 2008 | From Times Wire Services
The banks involved in the $20-billion buyout of radio station operator Clear Channel Communications Inc. offered to enter binding arbitration with the private equity buyers to settle a dispute over funding. The offer, which came two days before a court hearing in the dispute, was rejected by the equity buyers, Thomas H. Lee Partners and Bain Capital Partners. The banks are Citigroup Inc., Morgan Stanley, Credit Suisse Group, Royal Bank of Scotland Group, Deutsche Bank and Wachovia Corp.
BUSINESS
May 10, 2008 | From Times Wire Services
Wachovia Corp. Chief Executive Kennedy Thompson, under fire for buying Oakland-based Golden West Financial Corp. as the housing market peaked in 2006, was stripped of his role as chairman of the fourth-largest U.S. bank. Lanty Smith will become nonexecutive chairman, Charlotte, N.C.-based Wachovia said. Thompson, 57, remains on the board and retains full management responsibility, spokeswoman Christy Phillips Brown said.
BUSINESS
February 20, 2003 | From Times Wire Services
Wachovia Corp., as expected, agreed to acquire Prudential Financial Inc.'s brokerage for individual investors to create the third-biggest U.S. broker by assets. Wachovia said it would cut 1,750 jobs and close 131 offices by 2005 as it combines its retail brokerage and clearing businesses with Prudential's. No cash would exchange hands in the deal creating the new firm, Wachovia Securities, which would have $537 billion in assets and be based in Richmond, Va.
BUSINESS
October 22, 2008 | Times Wire Reports
Wachovia Corp. is seeking at least $358 million in a lawsuit against six home builders including KB Home, Toll Bros. Inc. and Lennar Corp. over a failed Nevada development. Wachovia Bank, a unit of Charlotte, N.C.-based Wachovia, sued in Manhattan federal court. Wachovia said land developer Focus Kyle and eight builders, two of which weren't sued, defaulted on guarantees to develop a planned community in Las Vegas. The $565-million development was to be called Kyle Canyon Gateway, with 16,000 homes on 1,710 acres, according to Commercial Property News Magazine.
BUSINESS
July 22, 2008 | From Bloomberg News
Wachovia Corp., will stop accepting home loans made by mortgage brokers as it struggles with the fallout from its 2006 acquisition of Golden West Financial Corp. The move by the fourth-largest U.S. bank in terms of assets takes effect Friday, said spokesman Don Vecchiarello. About 40% of Wachovia's home-loan volume in 2007 was made through third parties such as mortgage brokers. The Charlotte, N.C.-based company will continue to make loans through its offices.
BUSINESS
May 14, 2005 | From Associated Press
Wachovia Corp. and Bank of America Corp. are notifying thousands of customers that their accounts may have been breached in a theft of financial records from four banks. The theft was exposed last month when police in Hackensack, N.J., charged nine people, including a business owner, a New Jersey state worker and seven bank employees, in a plot to steal financial records of thousands of customers, which were then sold to collection agencies.
BUSINESS
January 3, 1997 | Times Staff and Wire Reports
Wachovia Corp. agreed to buy a controlling stake in the Brazilian unit of Portugal's Banco Portugues do Atlantico, venturing for the first time into Latin America. Winston-Salem, N.C.-based Wachovia, the 21st-largest U.S. bank, said it formed a joint venture with Saenz Hofman International, a closely held Brazilian financial services firm, to acquire Banco Portugues do Atlantico-Brasil, a $100 million-asset commercial bank subsidiary whose clients are mainly engaged in foreign trade.
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