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Media Contact: Elizabeth Hodges
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Investor Contact: Alice Lehman
(704) 374-4139

November 01, 2004
Wachovia Corporate and Institutional Trust Hires Scott for Institutional Trust Sales

Charlotte, NC - Wachovia Corporate and Institutional Trust announced today that it has hired Richard Scott as a managing director of sales for Institutional Trust. Scott will be based in Dallas.

Wachovia's Institutional Trust Services group offers custody, securities lending, securities processing and settlement to support the investment-related needs of corporations, government and financial institutions, offshore corporations and global organizations.

"Richard will make an excellent addition to our sales force," said John Shope, senior vice president and national sales director of Corporate and Institutional Trust. "His experience in the industry, especially with public funds, is unmatched."

"Wachovia's commitment to this business enticed me to join their team," said Scott. "They have a top-notch platform, and I'm excited about being a part of this growing group."

Scott joined Wachovia from Bear Stearns where he was an associate director in Private Client Services. Previously, he was a vice president for AMR Investments, a subsidiary of American Airlines. Scott was also the founding director of the Texas Treasury Safekeeping Trust Company. He has B.S. from Baylor University and an M.B.A. from Louisiana State University.

Wachovia Corporate and Institutional Trust offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services, and information management and claims processing to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust has 40 locations in 18 states plus the District of Columbia.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.

Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004.

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