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Wachovia Outpaces Peers in Customer Satisfaction Survey for the Fourth Consecutive Year University of Michigan Business School Releases American Customer Satisfaction Index CHARLOTTE, N.C.—Wachovia Bank scored higher than its banking industry peers for the fourth consecutive year in the University of Michigan Business School's American Customer Satisfaction Index. In a report issued today by ACSI, Wachovia set a new standard by earning a customer satisfaction score of 78, two points higher than the company score last year and six points higher than its nearest competitor in the study. Wachovia has seen a remarkable 12-point increase in its score since 2000. "We want to thank our customers for rewarding us with this pacesetting score," said Gwynne Whitley, Wachovia's head of Corporate Customer Service Excellence. "We really listen to our customers, and we make sure we act on what they are telling us so that we consistently deliver unmatched service and advice in our industry." Wachovia's four-year streak is particularly impressive because the company completed the largest merger in its history in 2003, between First Union and Wachovia, and announced another important merger, with SouthTrust, in November 2004. "We are especially proud that we have continued to satisfy our customers during two important mergers for our company," said Whitley. "Our customers are at the center of everything we do, and we are focused on satisfying our customers at every level of the company. We recognize that to be successful, we need to keep our customers happy. This is especially true in our highly competitive, consolidating industry." 2004 ACSI scores are derived from telephone surveys with a representative sampling of Wachovia customers. Scores are based on a 100-point scale. Founded in 1994, ACSI is one of the most highly regarded independent measures of how satisfied U.S. customers are with the quality of consumer goods and services. Each quarter, ACSI reports customer satisfaction scores for different sectors of the economy. Financial services and banks are included in the fourth quarter report. The ACSI is produced through a partnership of the University of Michigan Business School, the American Society for Quality and CFI Group, an international consulting firm. About Wachovia Corporation Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $493.3 billion, market capitalization of $83.5 billion and stockholders' equity of $47.3 billion at December 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve customers primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and five Latin American countries. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com. |
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