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March 16, 2004
Wachovia Securities Hires Stephen Gallagher to Co-head Investment Grade Credit Trading
CHARLOTTE, N.C. - Wachovia Securities announced today that Stephen Gallagher has joined the firm as a Managing Director and co-head of Investment Grade Credit Trading, where he will be responsible primarily for the global cash trading business, including high grade corporate, private placement and preferred securities.
Gallagher previously ran global High Grade Credit trading at Banc of America Securities and corporate bond trading at Bear Stearns. Gallagher also spent ten years with Merrill Lynch, where he headed the firm's Eurobond trading effort in London.
"Steve has a strong track record of building and growing corporate bond trading businesses and is a strong addition to our investment grade team," said Sean Bonner, Managing Director and co-head of Investment Grade Credit trading. "I am looking forward to working with Steve as we continue the build-out of our high grade cash and CDS [credit default swaps] presence."
Wachovia's High Grade Debt Capital Markets group provides corporate bond and preferred debt issuance, focusing on the Consumer Products & Retail, Defense & Aerospace, Energy & Power, Industrial Growth, Information Technology & Business Services, Financial Institutions, Healthcare, Media & Communications, Real Estate and Technology sectors.
Wachovia Securities Credit Products group, part of the Fixed Income Division, provides a full range of debt financing to corporate clients, including high grade and high yield corporate bonds, credit default swaps, municipal finance and money market products.
Wachovia Securities Fixed Income Division also provides a full range of interest rate derivatives, structured products and commercial real estate finance, and non-dollar products to corporate clients and institutional investors.
About Wachovia
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.
Wachovia Securities is the trade name for (i) the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member NYSE, NASD, SIPC.; and (ii) two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC.
Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, WBNA, or any bank; and involve investment risk, including possible loss of principal.
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