"Julie’s outstanding leadership of our Special Situations Group during a period of high workout-related activity – coupled with her broad experience in all aspects of credit origination – make her the best person for this very important job," said Steve Cummings, Co-Head of the Corporate and Investment Bank.
The Credit Capital Markets group was formed to ensure the effective delivery of senior loan products to corporate customers, improve Wachovia’s connectivity with institutional investors, increase accountabilities around loan-related capital and improve the overall profitability of the corporate banking portfolio. Specific businesses housed in the group include loan syndications, structuring and underwriting, portfolio management, special situations, market valuation and research, and portfolio analysis.
"The creation of Credit Capital Markets underscores the importance of an even more direct and vigilant approach to managing the capital investment in our loan portfolio – a key priority for this division and for Wachovia. In addition to Julie’s proven track record running our workout group, she has a terrific knowledge of underwriting and market dynamics, which will be critical to her new role," said Barnes Hauptfuhrer, Co-Head of Wachovia’s Corporate and Investment Bank.
The Credit Capital Markets group has been formed through the reorganization of the Leveraged Finance Group into Credit Capital Markets and Capital Finance. Wayne Robinson, current head of Leveraged Finance and a 19-year veteran of the firm, will run Capital Finance, a group of businesses offering specialized financial solutions for corporate clients, including asset-based lending and leasing.
Bouhuys is a 19-year veteran of the banking business. From 1983-94, she served in various origination, underwriting, relationship management and workout positions at Chemical Bank in New York. Bouhuys joined First Union in 1994 as a senior credit officer supporting Leveraged Finance and then went on to lead the Special Situations Group in 1997. She will continue to manage Special Situations until she formally assumes her new post.
Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $325 billion and stockholder's equity of $30 billion at June 30, 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.
