Strategic Management
Wachovia Corporation
Wachovia Corporation was created after First Union Corporation and the original
Wachovia Corporation merged in 2001. First Union Corporation was the actual purchaser
of Wachovia Corporation. First Union had started off as a one man operation operating out
of the Buford Hotel in Charlotte, North Carolina. Over the years First Union grew and
acquired the reputation as a strong financial performing corporation with superior
customer service. Its strong underwriting performance over the years is what kept the bank
above water during the 1930 depression and on into the 21st century. Though its roots lied
in general banking the company has diversified into a complete financial service company.
During 1999 First Union made a fatal flaw that would lead to its purchasing of Wachovia
Corporation. First Union destroyed its reputation for having excellent customer service by
forcing all customers coming into the bank to use phones that would put them into contact
with a national call center. With customers unable to get service in the banks First Union
could not stop the land slide that would ruin their name in the industry. Looking for a
quick fix to the problem First Union went on to buy and merge with Wachovia Bank who
was the top rated bank in America for customer service. First Union kept their business
model intact but quickly went back to in bank support and took on the name of Wachovia
Corporation. (Watson, 2007)
Wachovia Corporation as it stands today is one of the top financial service providers in
America. Wachovia has some international ties but the company primarily operations
within the continental United States. “Wachovia offers commercial and retail banking,
mortgage banking, investment banking, investment advisory, asset management, leasing,
insurance, retirement services, and securities brokerage services.”“ (Wachovia.com) With
Wachovia recent acquisition of Golden West Corporation it now operates in 21 states and
has over 3,400 banking centers. It employees over 110,000 people and its headquarters is
out of Charlotte, North Carolina. Wachovia Corporation has several subsidiaries that make
up its family of financial providers. Its largest subsidiaries include Wachovia Bank, N.A.,
Wachovia Mortgage, Wachovia Securities, LLC, Wachovia Capital Markets, LLC.
(Wachovia.com)
Wachovia vision statement is simpleyet very aggressive in today competitive financial
world, “Wachovias vision is to be the best, most trusted and admired financial services
company.”“ (Wachovia.com) Wachovia mission is to execute effective sourcing of external
products and services based on these Guiding Principles: integrity, respect and value the
