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March 01, 2004
Steve Cummings Named Head of Wachovia's Corporate & Investment Banking Group Effective May 1
Barnes Hauptfuhrer, the Group's Current Co-Head, Announces His Retirement
CHARLOTTE, NC - Wachovia Corporation announced today that Steve Cummings, Senior Executive Vice President, will become sole head of the Corporate and Investment Banking division effective May 1. W. Barnes Hauptfuhrer, Senior Executive Vice President, has announced his retirement effective May 1. Cummings and Hauptfuhrer -- current Co-Heads of the Corporate and Investment Banking division -- serve on the company's 13-member Operating Committee and report to Chairman and CEO Ken Thompson.
Before joining the company in 1998, Cummings was Chairman and Chief Executive Officer of Bowles, Hollowell, Conner & Co., a mergers and acquisitions firm based in Charlotte. First Union acquired Bowles, Hollowell, Conner & Co. in April 1998. Cummings served as Managing Director and Head of Mergers and Acquisitions until 1999, when he was named Managing Director and Co-Head of the Investment Banking Group with Hauptfuhrer. Later, Cummings and Hauptfuhrer became Co-Heads of what is today the Corporate and Investment Banking group. Cummings began his career in New York as a Vice President in the Corporate Finance department of Kidder, Peabody & Co. He is a graduate of Colby College and earned a master of business administration degree from the Columbia University Graduate School of Business.
"Steve is a strong leader with a deep understanding of the diverse businesses within the Corporate and Investment Banking group, as well as how this division fits into the larger Wachovia model. His knowledge, drive and collaborative approach will help us to grow the business, and his appreciation for the needs of clients will help us bring the very best to Wachovia customers," said Thompson.
Hauptfuhrer joined the company in 1988. He started and managed the principal investing business, First Union Capital Partners, from 1988 through 1998. In 1999, he became Managing Director and Co-Head of the Investment Banking Group with Cummings and subsequently Co-Head of what is now the Corporate and Investment Banking group. Previously, Hauptfuhrer was a Senior Vice President in the Mergers and Acquisitions department of Kidder, Peabody & Co. in New York, where he worked from 1981 to 1988. He is a graduate of Princeton University and earned a juris doctorate and a master of business administration degree from the University of Virginia.
"Barnes has been a critical part of Wachovia's leadership team for many years. He is one of the most committed and capable executives I know, and while I support his decision to retire, we will miss him. His vision, terrific analytical mind and singular commitment to growing the business helped to create a strong foundation that will benefit Wachovia for years to come," said Thompson.
"My partnership with Barnes has been one of the best experiences of my career. I believe we've been successful because of our mutual trust, respect and common values. While I will miss Barnes, I am also very excited about my new role at Wachovia. I completely believe in what we are building within the Corporate and Investment Bank. We are a very strong team, delivering great value to clients and shareholders," said Cummings.
Wachovia's Corporate and Investment Banking group provides the full range of capital raising, market making, financial advisory and transaction processing services to meet the needs of corporate and institutional clients. The division is comprised of several primary business units, including Investment Banking, Fixed Income, Treasury Services, Credit Capital Markets, Equity Linked Products, Equity Capital Markets, Capital Finance, International and Principal Investing. The Corporate and Investment Banking group is headquartered in Charlotte with primary offices in Baltimore, Philadelphia, New York, San Francisco, Atlanta, Boston, Chicago and London.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $401 billion, market capitalization of $61 billion and stockholders' equity of $32 billion at Dec. 31, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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