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A May 2007 New York Times article described Wachovia's negligence in screening and taking action against companies linked with identity theft. With stolen identities, the companies used unsigned checks to remove funds from personal Wachovia bank accounts.
The New York Times put this figure closer to $135 million. [10] Malone has stated that somewhere around 40% of that total will go into a trust for the families affected by the SouthTrust-Wachovia merger, although nothing further has been mentioned yet regarding this matter.
In 1990, The New York Times called the company "the Nation's Best-Run S.& L." saying that "the core of their business is decidedly—some might say refreshingly—old-fashioned". [4] As the mortgage market revived in the mid-1990s, Golden West Financial Corporation expanded its reach to the east coast of the United States as struggling savings ...
Florida National Bank (FNB), founded in 1905, was the second largest commercial bank in Florida. Florida National Group was acquired in 1990 by First Union Corporation , which was renamed Wachovia in 2001; Wachovia was subsequently acquired by Wells Fargo in 2008.
Former CEO, Benjamin Edwards III, "who transformed A. G. Edwards, the St. Louis brokerage house founded by his great-grandfather, into the largest United States brokerage company based outside New York" died April 20, 2009, from prostate cancer at the age of 77, a couple of years after A.G. Edwards folded into Wachovia Securities. [13]
G. Kennedy Thompson, also known as Ken Thompson, (born November 25, 1950) is an American banker and businessman who was chairman, president, and CEO of Wachovia Corporation, formerly First Union Corporation, from 2000 through 2008. [1] During his leadership, Wachovia grew to become the nation's fourth largest bank. [2] [3]
Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998 adding to its merger and acquisition , high yield , leveraged finance , equity underwriting, private placement , loan syndication , risk management ...
The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later also acquired Wachovia National Bank to become Wachovia Corporation, CoreStates Financial Corporation became a part of Wells Fargo in 2008 when Wachovia (formerly known as First Union) was acquired by that company.