February 24, 2005 |
Brokerage Wachovia Securities said Wednesday that it had permanently stopped a long-running trading practice at one of its Westlake Village offices after claims that the program may have violated securities rules. Separately, a real estate investment trust said it had halted a discount stock purchase plan after learning its shares had been used in the trading practice. The Times reported last week that Wachovia was investigating certain arbitrage trading at its Westlake Village office at 4550 E.
August 4, 2004 |
Banking giant Wachovia Corp. on Tuesday said it might face federal charges related to stock transactions before a big merger with a former rival, and separate allegations of improper mutual fund trading. The stock transactions followed the 2001 announcement that Charlotte, N.C.-based First Union Corp. would buy Wachovia and take its name. The bank said the Securities and Exchange Commission had laid out its claims in a so-called Wells notice.
June 22, 2004 |
Wachovia Corp. is buying competitor SouthTrust Corp. in a $14.3-billion deal that would make it the biggest bank in the Southeast. Wachovia said it planned to close 130 to 150 branch offices and eliminate about 4,300 jobs after the merger, announced Monday, is completed. Many of the job cuts would be done through attrition, said Ken Thompson, Wachovia's chief executive, chairman and president.
May 8, 2004 |
Wachovia Corp., the No. 4 U.S. bank, said its retail brokerage was being investigated over payments from mutual fund companies, and its broker-dealer unit might face charges over alleged conflicts between stock research and investment banking. The Charlotte, N.C.-based company said the Securities and Exchange Commission was investigating how well the brokerage, Wachovia Securities, disclosed revenue-sharing arrangements with fund companies.
November 15, 2003 |
American Express Co., Wachovia Corp., and Legg Mason Inc. said Friday that they faced federal sanctions for not passing volume discounts to some large mutual fund clients. American Express also said the Securities and Exchange Commission and NASD had asked for mutual fund data for a probe of late trading and market timing activities. American Express is "cooperating fully with these inquiries," according to an SEC filing.
May 28, 2003 |
Edgar Bronfman Jr. has lined up about a $9-billion commitment from a group headed by Wachovia Corp. to help finance a possible bid for the U.S. entertainment assets his family formerly owned, a source familiar with the deal said. Merrill Lynch & Co. also has agreed to help finance debt as Bronfman attempts to buy back much of the entertainment assets his family's Seagram Co. sold to Vivendi Universal in 2000 for $34 billion, sources said.
February 20, 2003 |
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.
February 19, 2003 |
Wachovia Corp., the fourth-largest U.S. bank, agreed to acquire Prudential Financial Inc.'s retail brokerage business to almost double its roster of stockbrokers, people familiar with the negotiations said. The transaction would bring about 5,000 brokers and $1.7 billion of capital to Charlotte, N.C.-based Wachovia, which has about 8,500 brokers. Prudential would have a minority stake in the new business. Prudential Securities Inc. has lost almost $300 million during the last two years.
October 21, 2002 |
Prudential Financial Inc. and Wachovia Corp. are discussing ways to combine their brokerage units and create one of the world's largest independent stock research and advisory operations, sources familiar with the situation said Sunday. The talks, which are in their preliminary stages, would combine the two brokerage operations under a joint venture boasting more than 13,500 brokers, sources said.
July 30, 2002 |
First Alliance Corp. customers who claim Prudential Financial Inc. and Wachovia Corp.'s First Union helped the mortgage lender deceive them must add more specifics to their lawsuit, a federal judge ruled Monday. At a hearing in Santa Ana, Judge David O. Carter told the plaintiff's attorney, Richard Scruggs, to submit a new complaint that details how the First Alliance mortgage customers learned of the fraud they claim was committed by Prudential and First Union.