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February 19, 2002
Wachovia Corporation Announces New Chief Economist, John Silvia
CHARLOTTE, N.C. - Wachovia Corporation has announced that John Silvia has joined the firm as chief economist. Silvia succeeds David Orr, who is retiring, and will report to Steve Kohlhagen, head of Fixed Income for Wachovia Securities.
“John’s accomplishments in the field of economics make him an ideal leader for this team,” said Kohlhagen. “The diversity of his background and his proven analysis and research capabilities make John an excellent leader for the economics team already in place. We are very excited that John has agreed to join Wachovia.”
For the past two years, Silvia has worked for the U.S. Senate, first as chief economist of the Senate Banking Committee and then as senior economist for the Joint Economic Committee of the Senate. From 1983 to 1999, Silvia was chief economist for the Kemper Funds and served as a managing director of Scudder Kemper Investments. During those years, he served on advisory committees for the Federal Reserve Banks of Cleveland and Chicago as well as for the Public Securities Association.
Silvia received his master’s degree from Brown and his Ph.D. from Northeastern University. Prior to joining Kemper, he taught at Indiana University and worked with the Harris Bank in Chicago. He is a member of the American Economics Association and has served on the board of the National Association of Business Economics.
The remainder of the Economics team remains in place, with Mark Vitner specializing in regional and real estate trends, Jay Bryson covering the international arena, and Sam Bullard providing analytical support.
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $330 billion at December 31 and $28 billion in stockholders' equity. Wachovia is a leading provider of financial services throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.
Important Notice: Wachovia Securities is the trade name under which Wachovia Corporation conducts its investment banking, capital markets and institutional securities business through First Union Securities, Inc. (“FUSI”), Member NYSE, NASD, SIPC, and through other bank and non-bank and broker-dealer subsidiaries of Wachovia Corporation, including Wachovia Bank NA and First Union National Bank.
First Union Securities is the trade name under which Wachovia Corporation conducts its asset management and mutual fund, brokerage and insurance businesses through: (1) First Union Securities, Inc. (“FUSI”), a registered broker-dealer and member NYSE/NASD and SIPC; (2) First Clearing Corporation (“FCC”), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (3) First Union Securities Financial Network Inc., a separately registered broker-dealer and member of the NASD and SIPC providing full-service brokerage services; (4) the Capital Management Group within First Union National Bank (“FUNB”), a national banking association, and its subsidiaries, providing asset management, lending, and fiduciary services; (5) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
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, FUNB, WBNA, or any bank; and involve investment risk, including possible loss of principal.
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