May 10, 2008 |
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.
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.
January 3, 1997 |
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.
October 13, 2008 |
The Federal Reserve on Sunday approved Wells Fargo's $11.7-billion acquisition of Wachovia Corp., removing the deal's last major regulatory hurdle. The Fed's move comes after federal antitrust regulators also moved swiftly to back San Francisco-based Wells Fargo's deal to buy the Charlotte, N.C.-based bank, approving it on Friday. Citigroup Inc.
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.
October 20, 2007 |
Wachovia Corp. posted a 10% decline in third-quarter profit Friday, missing forecasts, as it suffered $1.3 billion of write-downs resulting from credit market turmoil. The drop was the first in six years for the fourth-largest U.S. bank. It concluded a dismal week for earnings at large U.S. banks, which have been battered by mounting consumer loan losses as the housing market slumps, and sinking investor demand for mortgages and other debt. Profit fell 57% at Citigroup Inc.
July 21, 2007 |
Citigroup Inc. said Friday that its second-quarter profit rose 18% on strong overseas operations that led to record revenue for the biggest U.S. bank. Rival Wachovia Corp. also posted a double-digit profit jump for the quarter, but both banks saw their shares decline as they padded their provisions for loans that go sour -- a move many other banks have made as they gird themselves for a shakier credit environment. New York-based Citigroup's net income rose to $6.23 billion, or $1.
July 10, 2008 |
Wachovia Corp., the fourth-largest U.S. bank, named Treasury Undersecretary Robert K. Steel chief executive Wednesday, ending a nearly six-week search for a new leader. The Charlotte, N.C.-based bank also said it had set aside $4.2 billion pretax to cover bad loans for the second quarter, leading to an estimated loss of about $2.6 billion to $2.8 billion. The quarterly per-share loss will equal $1.23 to $1.33, excluding an expected write-down of goodwill.
May 4, 2008 |
With Tiger Woods unable to defend his Wachovia Championship title while recovering from knee surgery, Anthony Kim moved a step away from a victory a month shy of his 23rd birthday. Kim shot a six-under-par 66 Saturday at Charlotte, N.C., to take a four-shot lead over Jason Bohn and Heath Slocum after the third round. The big hitter from Los Angeles is at 13-under 203 and as close as ever to his first PGA Tour win.
August 15, 2002 |
East West Bancorp Inc. settled a suit that claimed a unit of Wachovia Corp. broke a promise to provide analyst coverage for the company's stock in exchange for managing a $10-million securities offering. Terms of the agreement are confidential, said Doug Krause, East West's general counsel. Los Angeles Superior Court Judge Alban Niles dismissed the suit after notice of the private settlement. The lawsuit was initially filed against First Union Corp., which acquired Wachovia last year.