Wachovia Community News

Media Contact: Arati Randolph
704-383-6996

September 24, 2002
Wachovia Named One of "100 Best Companies for Working Mothers"

CHARLOTTE, NC - Working Mother magazine today named Wachovia one of America's "100 Best Companies for Working Mothers," underscoring the company's strong family-friendly programs during 2001. The magazine selected Wachovia based on its programs and policies for child care, leave for new parents, opportunities for women to advance, flexible work arrangements, work/life benefits such as elder care, and other employee programs.

Editors looked at the employee- and customer-sensitive approaches that the former First Union and Wachovia took in bringing together the two companies, each of which had won separate Working Mother honors in years past. Also noted was strong, immediate outreach by company leadership and employees everywhere in response to the September 11, 2001, disasters – which came just 11 days after the merger became official with the changing of the company name and stock symbol.

“In bringing together these two great companies, we focused on providing superior workplace and career opportunities for every employee and on continuing the work/life legacy of two strong organizations. It is a source of deep pride to have our efforts, during a pivotal year like 2001, recognized and honored in this way by Working Mother,” said Wachovia CEO and President Ken Thompson.

Here are some of the ways Wachovia reflects best practices across the entire organization:

Seven high-quality child-care centers in three locations, plus access to two others as backup; Family Care leave; and Inclement Weather child care.
Increase in rooms for nursing mothers from 17 to 25.
Standardized education reimbursement plan available to every employee.
Adoption leave and 10 days of Family Care Time leave in addition to standard Paid Time Off.
Leave policy that allows for 16 weeks with job guaranteed; up to three years of education leave and six months of personal leave.
A 6 percent matched savings, 401(k), plan for all eligible Wachovia employees.
The Time Away From Work for Community Service policy that gives employees four hours a month (or six days per year) to volunteer; employees can use this time to volunteer in their children’s schools.

Wachovia has also deepened and broadened its initiatives aimed at diversity and women’s advancement:

Use of Flexible Work Options such as telecommuting and flexible hours has increased.
Domestic partner benefits offer more flexibility for households and families.
Wachovia’s diversity statement now includes work/life and advancement of women as specific aims and values.
The Corporate Women’s Advisory Council, a comprehensive and ethnically diverse group of top-level women representing every geographic market and business line, was established in 2001 to enhance the company’s focus on women.
More than 150 seminars and workshops were held for women, and more than 600 female employees participated in the "Smart Women Finish Rich" program on the company’s employee television network.
Also new in 2001, the "Women & Retirement" financial planning series, offered free both to employees and customers, was made available via news media and internal offerings starting in March 2001 – and then in an outbound e-mail series starting mid-summer. Of the 6,000 women who participated, 17 percent were employees.

Wachovia Corporation (NYSE:WB), created through the September 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.

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