Wachovia (now owned by Wells Fargo)
• Wachovia ranks fourth among banking giants in the US, and offers corporate and consumer banking services from over 3,400 branch locations.
• Wachovia has faced criticism for excessive executive pay, as well as accounting irregularities and questionable ethics following mergers and acquisitions.
• Wachovia is implicated in investing in coal and coal fired power plants.
• Use Go Green to find ethically and environmentally responsible financial services.
-- Profile Updated 07/06/2010
About Wachovia (now owned by Wells Fargo)
Wachovia offers corporate and consumer banking services from over 3,400 branch locations. In 2006 the Charlotte, North Carolina based company reported sales of $46.8 billion. Formed in 2001 when First Union merged with Wachovia, the company now plans to purchase South Trust.
Global Finance Campaign
Rainforest Action Network, together with allies and activists around the world, is working to redirect the global economic system away from destructive activities and into sustainable and socially just alternatives. Forest destruction, species extinction, and climate destabilization create an imperative for concerned citizens to demand an end to destructive investments from the world’s largest financial institutions and help to chart a new course towards a sane and sustainable global economy. Click on the URL to learn more and take action.
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- Wachovia - Charlotte, NC
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- Wachovia Bank N.A. - Charlotte, NC
- Wachovia Bank of Georgia, N.A. - Atlanta, GA
- Wachovia Bank of South Carolina, N.A. - Columbia, SC
- Wachovia Corporate Services, Inc. - Atlanta, GA
- Wachovia Corporation - Charlotte, NC
- Wachovia International Banking Corp. - Philadelphia, PA
- Wachovia Investments, Inc. - Winston Salem, NC
- Wachovia Leasing Corporation - Winston Salem, NC
- Wachovia Mortgage - Richmond, VA
- Wachovia Mortgage Corporation - Charlotte, NC
- Wachovia National Bank - Jacksonville, FL
- Wachovia Securites Prudential Financial - New York, NY
- Wachovia Securities - Washington, DC
- Wachovia Securities Financial Network - Boca Raton, FL
- Wachovia Securities Inc. (Subsidiary) - Chicago, IL
- Wachovia Securities LLC - Richmond, VA
- Wachovia Securities, Inc. (Subsidiary) - Charlotte, NC
- Wellesley Advisors Inc. - Richmond, VA
- WFS Clearing Services - Richmond, VA
Contact Wachovia (now owned by Wells Fargo)
Wachovia (now owned by Wells Fargo)
Charlotte, NC 28288-0013 USA
Ethics and Governance
Wachovia received a “B” grade on the 2007 NAACP Economic Reciprocity Initiative report. The grade reflects a measurement of corporate America's commitment to African Americans and other people of color. Companies were surveyed for their activity in employment, vendor development and contracting, advertising and marketing, dealerships and philanthropy.
-- NAACP, 07/15/2007
In 2006 President and CEO Kennedy G. Thompson made $23,846,282 in total compensation according to the Securities and Exchange Commission (SEC) and $32,721,058 according to calculations by the AFL-CIO.
-- AFL-CIO, 02/17/2007
In August 2001, the National Black Farmers Association, which represents over 65,000 black farmers, launched a boycott against First Union Corp. and Wachovia Corp., saying the $14.6 billion proposed merger of the two banks wouldn't result in more loans for minorities. The group made demands that the banks establish an $81 million Community Development Financial Institutions (CDFI) fund for loans to minority and needy customers in the Southeast. Instead, the banks proposed giving the group a $25,000 grant to set up a special fund that would distribute loans to farmers. The NBFA and Equality International ended its boycott of Wachovia in February 2002 when the company agreed to help establish a national credit union for the members and to give technical guidance and a $25,000 grant to the group for setting up the credit union. The company also promised $35 billion in community loans and investments in the Southeast over a five-year period.
-- Associated Press, 02/14/2002
Source URL: none available
In March 2001 First Union agreed to pay $26 million to 150,000 employees to settle a $100 million lawsuit filed against the company claiming irregularities in First Union's management of their 401(k) retirement plans. The lawsuit alleged that the employees lost $100 million because of investments in poorly performing, high-fee First Union mutual funds. First Union was also the target of a similar lawsuit filed in May 1999 dealing with its subsidiary banking operation Signet, which it purchased in 1997.
-- Financial Planning, 12/28/2001
In November 2000, after Wachovia Bank announced its intentions to take over Republic Security Financial Corp., a lawsuit was filed by a Republic shareholder seeking to halt the take-over. The class-action suit claims that the buying price is too low. Wachovia offered to buy Republic in a stock-for-stock transaction at $7 a share. According to the Broward Daily Business Review, the suit alleges, "Wachovia's offer is being advanced through unfair procedures and the consideration offered is unfairly low, does not reasonably reflect the true stockholder value for the public shareholders, and will act to the detriment of the company's public stockholders."
-- Broward Daily Business Review, 11/03/2000
Source URL: none available