Wachovia Corp.
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| Financial Services | |
| Fate | Acquired by Wells Fargo |
| Founded | June 16, 1879 |
| Defunct | 2008 (as an independent corporation) 2011 (as a brand) |
| Headquarters | Charlotte, North Carolina |
| Products | Banking, Investments |
| Owner | Wells Fargo |
| Website | Archived official website at the Wayback Machine (archive index) |
Wachovia (former ticker symbol WB) was a diversified financial services company based in Charlotte. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world. The purchase of Wachovia by Wells Fargo and Company was completed on December 31, 2008. Wells Fargo acquired Wachovia after a government-forced sale to avoid a failure of Wachovia.
Starting in 2009, the Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years. On October 15, 2011, the Wachovia brand was retired when the last bank branches in North Carolina were converted to Wells Fargo.
Wachovia was the product of a 2001 merger between the original Wachovia Corporation, based in Winston-Salem, North Carolina; and Charlotte-based First Union Corporation.
The company was organized into four divisions: General Bank (retail, small business, and commercial customers), Wealth Management (high-net-worth, personal trust, and insurance business), Capital Management (asset management, retirement, and retail brokerage services), and Corporate and Investment Bank (capital markets, investment banking, and financial advisory).
It served retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries nationwide. In 2009, Wachovia Securities was the first Wachovia business to be converted to the Wells Fargo brand, when the business became Wells Fargo Advisors. Calibre was an independent consultant that was hired by Wachovia for the Family Wealth Group to research managers. The group no longer uses Calibre.
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