PRESS RELEASES

Media Contact: Elizabeth Hodges
(704) 383-5188

Investor Contact: Alice Lehman
(704) 374-4139

May 09, 2005
Wachovia Hires Russell Gould

Charlotte, NC - Wachovia Corporate and Institutional Trust announced today that it has hired Russell S. Gould as senior vice president. In his new role, Gould will provide oversight to business development and strategic partnerships in California for Wachovia and will be based in Los Angeles.

"Russ's government and corporate background makes him an ideal candidate to lead our business development strategies in the state. His in-depth knowledge of the financial concerns that companies face and his vast industry experience enable him to provide clients with holistic solutions to complex financial issues," said Darryl J. Fluhme, president of Wachovia's Corporate and Institutional Trust.

"In joining one of the nation's leading financial services companies, I will have the opportunity to develop and introduce Wachovia's exceptional capabilities to the California marketplace," said Gould. "Wachovia is committed to fashioning a large role in California's dynamic future, and I'm proud to be a part of their leadership team."

Gould has worked on behalf of Metropolitan West Securities' (MetWest) clients in state and local government, higher education, and the California business community. MetWest is a recent acquisition of Wachovia Corporation. Prior to joining Wachovia, Gould served as senior vice president of Finance and Investments at the J. Paul Getty Trust, where he was responsible for investing assets of over $5 billion and managing the business aspects of the Trust.

Gould has also served in a variety of roles inside California government. Under Gov. Pete Wilson, he served as Secretary of Health and Human Services and as the director of Finance. As the director, he was responsible for preparing and managing the state budget as well as serving on the Governor's Council of Economic Advisors. Since leaving government, Mr. Gould has served as a regent for the University of California and was appointed by Gov. Schwarzenegger to serve on the California Performance Review Commission. He has a B.A. from the University of California at Berkeley.

Wachovia Corporate and Institutional Trust offers custodial services, securities lending, institutional clearing services, 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 locations in 26 cities in 15 states.

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. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Its Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

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