Stock Symbol: WB
301 South College Street
Wachovia Corporation Industry:
Money Center Banks
Wachovia Corporation Description:
Wachovia Securities is a full-service investment bank providing clients with equity, fixed income, and convertible research, financial sponsors coverage, corporate finance and mergers and acquisitions advisory services.In addition, Wachovia Securities provides such products as debt and equity financing, loan syndications, derivatives, equity investments, asset securitization, treasury services and international correspondent banking.
Wachovia Corporation Financial Summary:
For the nine months ended 30 September 2005, Wachovia Corporation's interest income increased 40% to $17.22B. Net interest income after loan loss provision increased 17% to $10B. Net income increased 31% to $4.94B. Net interest income reflects higher average balances of loans, partially offset by higher interest paid on deposits. Net income benefited from higher service charges and an increase in other banking fees.
Wachovia Corporation Business Summary:
Wachovia Corporation (Wachovia) is registered as a financial holding company and a bank holding company, and provides commercial and retail banking, and trust services through full-service banking offices. Wachovia Bank, National Association (WBNA) operates most of these banking offices. Wachovia also provides various other financial services, including mortgage banking, investment banking, investment advisory, home equity lending, asset-based lending, leasing, insurance, international and securities brokerage services. The Company's retail securities brokerage business is conducted through Wachovia Securities, LLC, and operates in 49 states. The Company four core businesses are the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank. Following Wachovia's November 1, 2004, merger with SouthTrust Corporation (SouthTrust), the Company also operated banking offices through SouthTrust Bank. SouthTrust Bank was merged into WBNA on January 3, 2005.