PRESS RELEASES

Media Contact: Leah Dering
704-383-0551

April 14, 2004
Wachovia Hires Barry Bobrow as Head of Asset-based Syndicate

CHARLOTTE, N.C. - Wachovia announced today that Barry Bobrow has joined the Loan Syndications Group as Managing Director and Head of Asset-Based Syndicate. Bobrow will report to Eric Lloyd, Managing Director, Head of Loan Syndications. He will be an integral member of the Asset-Based Lending Executive Committee headed by Wayne Robinson, Managing Director and Head of Capital Finance.

In his new role, Bobrow will bring a focus on the future, shaping the syndication strategy of Wachovia's asset-based lending platform to ensure its continued success in serving the changing needs of clients and investors.

"Barry is recognized as the leading authority in this segment of the syndicated loan market," Lloyd said. "I am excited to have him on our team as we look to significantly increase our presence in the asset-based syndicated loan area."

The Wachovia asset-based lending platform occupies a position of prominence in the industry as the Number One Leader Arranger of asset-based loans.

Bobrow joins Wachovia from Banc of America Securities, where he was a Managing Director in Syndicated Finance. Prior to that, he worked in various positions in syndicated and leveraged finance with Banc of America Securities. Bobrow earned his MBA in finance from the University of Michigan.

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.

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