Wachovia received top grades for its Treasury Services solutions and customer service across multiple categories in Phoenix-Hecht's Cash Management Monitor Survey. This survey reports the views of more than 1,600 U.S. senior financial executives on Treasury Services providers. In addition, Wachovia was a market share leader among Treasury Services providers in the Ernst & Young 2007 U.S. Cash Management Survey. The survey ranked Wachovia as the nation's third-largest cash management provider based primarily on volume. Wachovia also ranked No. 1 for Remote Deposit Capture client volumes and No. 1 for the largest number of Internet reporting accounts (which are managed via Wachovia Connection, its Treasury Services information and access product).
"Wachovia consistently receives high scores in Treasury Services industry surveys, and it's all due to the commitment we have to this business and to our clients," said David Trotter, head of Treasury Services for Wachovia. "While the Phoenix-Hecht survey reports the level of client satisfaction with our solutions and service, it makes sense that our top rankings by clients translate into the leadership in market share and volumes shown in the Ernst & Young data."
He added, "Our job is to manage the behind-the-scenes complexity and to deliver the right solutions addressing clients' emerging needs at the right time. This allows our Treasury Services clients to focus on their increasingly strategic roles within their companies."
The Ernst & Young U.S. Cash Management industry survey is conducted annually. It targets the top 100 U.S. bank holding companies (based on asset size) and key non-bank lockbox providers to capture volume, product feature and pricing data. The survey gathers information on a range of cash management products.
The Phoenix-Hecht Cash Management Monitor Survey targets both public and private U.S. corporations with sales of $100 million and greater. It ranks corporations in three performance categories: Product Performance, Bank Perception and Relationship Management. The senior financial executives rated Wachovia "A+" and "A" across the board for these categories.
Financial executives from companies with sales greater than $500 million awarded Wachovia 21 "A+" and two "A" rankings across 23 categories. Those from companies with sales between $100 million and $500 million awarded Wachovia 18 "A+" and four "A" rankings across 24 categories.
Phoenix-Hecht has been one of the nation's foremost providers of market research and education for the financial services industry for more than 36 years. More information is available at www.phoenixhecht.com.
About Wachovia's Treasury Services
Wachovia's Treasury Services division, the third-largest US cash management provider, tailors solutions for businesses of all sizes, geographies and industries. The company offers liquidity management solutions and a comprehensive suite of global integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, ACH services, image solutions, a national wholesale and retail lockbox network, as well as commercial card services. Ernst and Young's 2007 US Cash Management Survey ranks the bank No. 3 in Treasury Services market share, No. 1 for Remote Deposit Capture client volumes; and No. 1 for the highest number of Internet reporting accounts via Wachovia Connection, its Treasury Services information and access product.
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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