The combination of the broker-dealer units coincided with the consolidation of key retail brokerage systems into a single operating platform. The systems of former First Union Securities Brokerage Group and IJL Wachovia were consolidated as part of a carefully orchestrated implementation process that began in late 2001 for brokerage and is expected to continue through July 2003 for the bank and other Wachovia Corporation subsidiaries.
Beginning today, IJL Wachovia clients have been assigned new account numbers and will begin using new procedures for online trading. Clients were kept abreast of the upcoming changes in advance through a series of communications over the past few months and in conversations with their financial advisors.
Wachovia's Corporate and Investment Banking Group and its Brokerage Group, the nation’s fifth-largest in terms of client assets, both operate under the Wachovia Securities name. The Wachovia Securities brand was introduced in a national advertising campaign that debuted in May.
The establishment of a single broker-dealer is the latest development in the consolidation of Wachovia's operations following the merger last September of First Union Corp. and Wachovia Corp., which created the nation's fourth largest bank holding company in terms of assets and second-largest in terms of deposits.
The Wachovia Securities Brokerage Group includes 8,100 registered representatives in 49 states and has $275 billion in client assets. The group is headquartered in Richmond, Virginia.
Business lines operating under the Wachovia Securities brand in the Corporate and Investment Bank, headquartered in Charlotte, include:
- Investment Banking,
- Equity Capital Markets,
- Fixed Income,
- Real Estate and Financial Services,
- Global Corporate Banking, and
- Specialty Finance.
In addition to Wachovia Securities, Inc., the company provides securities-related services through two other broker-dealers, Wachovia Securities Financial Network, Inc., an NASD-member firm which houses Wachovia's independent representative business, and First Clearing Corporation, Inc., a NYSE-member firm through which Wachovia Securities provides clearing and other services for 80 correspondent brokerage firms.
Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers 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.
