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Wachovia Securities Promotes Ben Williams to Head Newly Formed Debt Markets Group, Curtis Arledge to Head Fixed Income CHARLOTTE, N.C. - Wachovia Securities announced today that Ben Williams has been promoted to head a newly formed Debt Markets group, overseeing the Fixed Income and Credit Capital Markets divisions. Williams's promotion will be effective on Jan. 1, 2004, and he will report to Steve Cummings and Barnes Hauptfuhrer, co-heads of Wachovia's Corporate and Investment Bank. In addition, Curtis Arledge, a Managing Director and current Deputy Head of Wachovia Securities' Fixed Income Division, will succeed Williams as head of Fixed Income, also effective on Jan. 1, 2004. Julie Bouhuys, Managing Director and head of Credit Capital Markets since its inception in October 2002, will continue to lead that group. Both Arledge and Bouhuys will report to Williams. The syndicated loan and fixed income markets continue to converge. Placing both our Fixed Income and Credit Capital Markets divisions under Ben's leadership will enable us to maximize the long-term business effectiveness of Wachovia's increasingly interconnected credit-products related businesses in these two important divisions," Hauptfuhrer said. "Our goal is to ensure that Wachovia is a growing force in corporate credit markets for many years to come." "Ben, Curtis and Julie each have contributed to the substantial growth of our fixed income oriented revenues and the improved management of credit and market risk, generating solid results in our Fixed Income and Credit Capital Markets divisions," Cummings said. "Today's announcement is a logical next step for us in positioning Wachovia Securities for further profitable growth." Williams joined Wachovia in 1984. His most recent positions included head of the Fixed Income Division since August 2002, head of the Real Estate-Financial Services group from September 2001 to August 2002 and head of Wachovia's Real Estate Capital Markets group, which he formed in 1999. Williams has a B.A. in Economics from Davidson College and a M.S. in Real Estate from the Massachusetts Institute of Technology. Arledge joined Wachovia in 1996. His most recent positions included Deputy Head of the Fixed Income Division since August 2002, head of Fixed Income trading from 2000 to 2002, and head of Structured Products Trading from 1997 to 2000. Arledge has a B.S. in Electrical Engineering from Princeton University. The Fixed Income Division provides a full range of fixed-income origination, sales, trading and research services, including high-grade and high-yield bond underwriting and other credit products, structured products including real estate capital markets and securitizations; interest rate derivatives; and, foreign exchange and currency risk management. The Credit Capital Markets Division is engaged in syndicated loan origination, structuring and distribution, as well as portfolio management activities including credit research, portfolio strategy, credit trading and proprietary asset management. Wachovia Securities Corporate and Investment Bank includes corporate lending, investment banking, treasury services and trade finance, and principal investing. About Wachovia Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com. Wachovia Securities is the trade name for (i) the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member NYSE, NASD, SIPC.; and (ii) two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC. 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, WBNA, or any bank; and involve investment risk, including possible loss of principal. |
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