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BUSINESS
July 18, 2008 | From Times Wire Reports
Securities regulators from several states investigating Wachovia Securities' auction-rate securities sales practices entered the company's St. Louis headquarters Thursday and requested its documents and records. Missouri officials said they conducted what they called a "special inspection" at Wachovia, part of a broad probe into questionable practices involving auction-rate securities. Missouri Secretary of State Robin Carnahan's office said the visit to Wachovia Securities, the former A.G.
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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
June 22, 2007 | From Times Wire Services
Wachovia Securities has been fined $2 million and ordered to pay restitution to more than 1,300 customers for charging excessive fees in its fee-based brokerage accounts, regulators said Thursday. NASD, the securities industry's self-regulatory organization, said the Richmond, Va.-based unit of Wachovia Corp. charged inappropriate fees to some customers for maintaining accounts, even though they did not conduct any trades.
BUSINESS
November 6, 2008 | times wire services
Wells Fargo says it will sell $10 billion worth of common stock in a public offering. The San Francisco bank has said it plans to raise $20 billion to finance its acquisition of Charlotte, N.C.-based Wachovia Corp., which was on the brink of failure before the deal was struck. JPMorgan Securities Inc. will coordinate the offering with joint book-running managers Goldman, Sachs & Co., Morgan Stanley, UBS and Wachovia Securities.
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.
BUSINESS
November 6, 2008 | times wire services
Wells Fargo says it will sell $10 billion worth of common stock in a public offering. The San Francisco bank has said it plans to raise $20 billion to finance its acquisition of Charlotte, N.C.-based Wachovia Corp., which was on the brink of failure before the deal was struck. JPMorgan Securities Inc. will coordinate the offering with joint book-running managers Goldman, Sachs & Co., Morgan Stanley, UBS and Wachovia Securities.
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
May 8, 2004 | From Reuters
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.
BUSINESS
February 16, 2005 | Tom Petruno and Josh Friedman, Times Staff Writers
Brokerage giant Wachovia Securities said Tuesday that it was investigating stock trading, including the possible use of fictitious accounts to reap short-term gains, at one of its Westlake Village offices. The NASD, the brokerage industry's self-regulatory agency, also has opened a probe into the office, according to people familiar with the matter. The NASD declined to comment.
BUSINESS
August 27, 2008 | From the Associated Press
Americans felt better about the economy this month, as a barometer of sentiment posted the biggest boost in two years amid falling gasoline prices. The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July. That's the largest gain since August 2006 and is ahead of the 53 expected by economists surveyed by Thomson Reuters. It's also the second month in a row that sentiment has improved, after a six-month slide since January -- but it remains about half what it was a year earlier, and worries about the job market persisted.
BUSINESS
August 27, 2008 | From the Associated Press
Americans felt better about the economy this month, as a barometer of sentiment posted the biggest boost in two years amid falling gasoline prices. The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July. That's the largest gain since August 2006 and is ahead of the 53 expected by economists surveyed by Thomson Reuters. It's also the second month in a row that sentiment has improved, after a six-month slide since January -- but it remains about half what it was a year earlier, and worries about the job market persisted.
BUSINESS
July 18, 2008 | From Times Wire Reports
Securities regulators from several states investigating Wachovia Securities' auction-rate securities sales practices entered the company's St. Louis headquarters Thursday and requested its documents and records. Missouri officials said they conducted what they called a "special inspection" at Wachovia, part of a broad probe into questionable practices involving auction-rate securities. Missouri Secretary of State Robin Carnahan's office said the visit to Wachovia Securities, the former A.G.
BUSINESS
June 22, 2007 | From Times Wire Services
Wachovia Securities has been fined $2 million and ordered to pay restitution to more than 1,300 customers for charging excessive fees in its fee-based brokerage accounts, regulators said Thursday. NASD, the securities industry's self-regulatory organization, said the Richmond, Va.-based unit of Wachovia Corp. charged inappropriate fees to some customers for maintaining accounts, even though they did not conduct any trades.
BUSINESS
June 1, 2007 | From Bloomberg News
Banking giant Wachovia Corp. said Thursday that it had agreed to buy A.G. Edwards Inc., a 120-year-old St. Louis-based securities firm, for $6.8 billion in a deal that would create the second-largest U.S. brokerage firm. St. Louis-based A.G. Edwards, founded by a friend of President Lincoln, has fallen behind in the competition for stock trades as investors have turned to Goldman Sachs Group Inc., UBS, Merrill Lynch & Co. and Morgan Stanley. "A.G.
BUSINESS
February 16, 2005 | Tom Petruno and Josh Friedman, Times Staff Writers
Brokerage giant Wachovia Securities said Tuesday that it was investigating stock trading, including the possible use of fictitious accounts to reap short-term gains, at one of its Westlake Village offices. The NASD, the brokerage industry's self-regulatory agency, also has opened a probe into the office, according to people familiar with the matter. The NASD declined to comment.
BUSINESS
May 8, 2004 | From Reuters
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.
BUSINESS
June 1, 2007 | From Bloomberg News
Banking giant Wachovia Corp. said Thursday that it had agreed to buy A.G. Edwards Inc., a 120-year-old St. Louis-based securities firm, for $6.8 billion in a deal that would create the second-largest U.S. brokerage firm. St. Louis-based A.G. Edwards, founded by a friend of President Lincoln, has fallen behind in the competition for stock trades as investors have turned to Goldman Sachs Group Inc., UBS, Merrill Lynch & Co. and Morgan Stanley. "A.G.
BUSINESS
June 16, 2005 | From Dow Jones/Associated Press
Jazz Semiconductor Inc. on Wednesday withdrew its initial public offering of up to $150 million in common stock, according to a filing with the Securities and Exchange Commission. The Newport Beach-based company said the registration statement was being withdrawn because of "market conditions." The IPO originally was filed with the SEC on Jan. 21. Jazz Semiconductor, which was spun off from Conexant Systems Inc., is a contract manufacturer of chips. Credit Suisse First Boston, Lehman Bros.
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.
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