“Ben has extensive experience, deep knowledge of the business and strong leadership talents,” said Cummings. “Investment Banking and Capital Markets continue to be a significant growth engine for the Corporate and Investment Bank, and the time is right to combine them under a single leader. Ben is the best person to bring them together and to lead them through the next stage of growth.”
Williams, 44, joined Wachovia in 1984 and has held positions in human resources, corporate banking, investment banking and commercial real estate. He joined the capital markets group in 1996. Previously, he was head of the Fixed Income Division, head of the Real Estate Financial Services group and head of Wachovia's Real Estate Capital Markets group, which he formed in 1999. He was named head of Global Markets in 2004.
In his new role, Williams will be responsible for Fixed Income, Equities, Corporate Finance, Mergers and Acquisitions, Financial Sponsors, Research and Economics.
About Wachovia’s Corporate and Investment Banking Group
Wachovia’s Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income, equities, and research) operate under the Wachovia Securities’ brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring, research and execution services. Wachovia's Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S. as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients.
Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders' equity of $49.8 billion at March 31, 2006.
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