Reid has almost 30 years of experience at Wachovia, and since 2003 has served as head of the Retirement and Investment Products Group (RIPG), reporting directly to David Carroll, head of the Capital Management Group. He has also held a number of senior leadership positions in the General Bank, including CEO of Pennsylvania/Delaware and President of the Atlantic Region, and was instrumental in managing challenging integration projects during a number of acquisitions.
"Our commercial real estate platform has grown into a dominant and multi-layered business," said Williams. "In light of current credit market disruptions, the time is right for us to elevate this important business under a single executive who reports directly to me. Bob is a seasoned leader who understands real estate, values people and has proven his ability to manage large business integrations. I am looking forward to having him join my leadership team."
Until Reid's appointment, the Real Estate Division had reported to Tom Wickwire, head of Structured Products. Concurrent with the re-alignment of Real Estate, Tom Wickwire will take on additional responsibilities as head of the Principal Financing Group within GMIB. In addition to his other Structured Products responsibilities, Wickwire will now manage all of GMIB's retained risk and principal investment activities. Under his leadership, the Principal Financing Group will optimize returns on invested capital as well as actively manage and strategically grow these activities across asset classes, geographies, and formats.
"Tom has done a tremendous job in growing our real estate business into a market-leading franchise and will continue to be a valued advisor to this business," Williams said. "He has more than 20 years of experience in structured finance and has proven himself to be equally adept at managing risk and identifying opportunities for investment. Given the current market landscape, it is more important than ever that we consolidate all of our principal financing activities under a single leader. Tom is the right person to manage this important strategic business."
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 and equities) operate under the Wachovia Securities brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring and execution services. Wachovia's Corporate and Investment Bank also includes the third-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 and capital markets of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM), member NYSE, FINRA, and SIPC, 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, member NYSE, FINRA, and SIPC, 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, with assets of $782.9 billion and market capitalization of $75.3 billion at December 31, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.2 trillion in client assets through 14,600 financial advisors in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.
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