November 6, 2008 |
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.
February 13, 2009 |
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.
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.
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.
August 27, 2008 |
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.
June 1, 2007 |
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.