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.
August 14, 2001 |
The Federal Reserve said it cleared First Union Corp. to buy North Carolina rival Wachovia Corp., removing the last major hurdle to the bitterly contested $14.6-billion bank merger. Wachovia's shareholders approved First Union's proposal earlier this month, ending a spirited battle over the Southeast regional bank with rival suitor SunTrust Banks Inc . The deal will create the No. 4 U.S. bank with 19 million customers, $321 billion in assets and 90,000 employees.
August 4, 2001 |
Months of fighting about ownership of Wachovia Corp. ended abruptly Friday as its shareholders approved a $14.3-billion merger with First Union Corp., causing rival SunTrust Banks Inc. to concede defeat. Just as swiftly, the focus of First Union Chairman Ken Thompson and Wachovia Chairman L.M. "Bud" Baker Jr. now has shifted from simply clearing the way for the merger to figuring out what will happen down the road. The new bank--which will retain the Wachovia name and be based in Charlotte, N.C.
August 1, 2001 |
First Union Corp. shareholders approved a proposed $14.4-billion stock acquisition of Wachovia Corp., the latest chapter in a hotly contested takeover battle with SunTrust Banks Inc. for the Southeastern U.S. bank. Wachovia shareholders Friday are set to vote on the First Union merger, which the board of the Winston-Salem, N.C., company has backed. At its annual meeting, First Union said stockholders cast about 730.2 million shares--nearly 75% of the 979.
July 21, 2001 |
A North Carolina state judge upheld First Union Corp.'s agreement to buy Wachovia Corp. for $14.5 billion, rejecting a challenge by rival bidder SunTrust Banks Inc. The ruling by Special Superior Court Judge Ben Tennille cleared the path for a shareholder vote Aug. 3 on the agreement between the two North Carolina-based banks. After the boards of First Union and Wachovia approved merger plans in April, Atlanta-based SunTrust launched its own $15.