Wachovia Corporation
- Company typePrivate
- Founded1879
- HeadquartersCharlotte, United States
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What Wachovia Corporation does
Wachovia Corporation was a US financial holding company headquartered in Charlotte, North Carolina, founded in 1879. The company provided commercial and retail banking services along with other financial services, operating as one of the largest banking institutions in the United States prior to 2008. It was listed on the New York Stock Exchange under ticker symbol WB. Wachovia maintained a significant residential mortgage portfolio, reported at $35 billion, and served customers across the United States.
In October 2008, during the global financial crisis, Wachovia Corporation was acquired by Wells Fargo & Company in one of the largest bank failures in US history. The acquisition was completed and Wachovia ceased to exist as an independent operating company, with its operations, branch network, and mortgage portfolio fully integrated into Wells Fargo's banking platform. Academic research has subsequently cited Wachovia as among the worst performing US stocks since 1926. As of the present, Wachovia Corporation exists only as a wholly-owned subsidiary of Wells Fargo with no independent operations, revenue generation, or strategic initiatives of its own.
The entity should be regarded as a historical reference rather than an active operating company. Any current product, technology, or strategic signals documented in the input pertain to Wells Fargo & Company as the acquirer and successor, not to Wachovia Corporation as an independent entity.
Wachovia Corporation firmographics
Firmographics- Name
- Wachovia Corporation
- Legal name
- Wachovia Corporation
- Website
- https://wachovia.com
- Company type
- Private
- Founded year
- 1879
- Operating status
- Acquired
- Headcount range
- 5,001–10,000 employees
- Ownership category
- akta.pro rank
Wachovia Corporation industry classification
Industry- Product category
- Retail Banking
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)
- akta.pro secondary industry
- SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF)
Keywords
Where Wachovia Corporation is headquartered
LocationHeadquarters
- HQ city
- Charlotte
- HQ country
- United States
- HQ region
- North America
Markets served
Wachovia Corporation business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Wachovia Corporation product offering
Product offeringCore offering
Wachovia Corporation was a financial holding company that provided commercial and retail banking services, along with related financial services including deposit accounts, lending, mortgages, and wealth management products. The company served both consumer and business customers through a network of bank branches and digital channels. Wachovia ceased to exist as an independent company following its 2008 acquisition by Wells Fargo.
Differentiator
Problem solved
Functional benefit
Companies that use Wachovia Corporation
Customer profileIdeal customer profiles2 records
Wachovia Corporation technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Wachovia Corporation partnerships and signals
Strategic signalScale indicators2 records
Recent moves3 records
Wachovia Corporation competitors and assessment
Company assessmentBroad incumbents
- Bank of America: Bank of America is one of the largest U.S. commercial and retail banks with a nationwide branch network. It competes across the same commercial banking, retail banking, and mortgage products as Wachovia did.
- JPMorgan Chase: JPMorgan Chase is the largest U.S. bank by assets, with extensive commercial and retail banking operations. It is a broad incumbent competing across the same product set Wachovia served.
- Citigroup: Citigroup is a major U.S. bank with a national commercial banking and consumer banking presence, broadly comparable in product mix and customer segments to Wachovia's pre-acquisition franchise.
- Wells Fargo & Company: Wells Fargo acquired Wachovia in 2008 and is now the parent entity. As one of the largest U.S. banks with nationwide commercial and retail banking, it is the most directly comparable broad incumbent to Wachovia's pre-acquisition franchise.
Direct peers
- Truist Financial Corporation: Truist was formed from the merger of BB&T and SunTrust, both of which were directly comparable regional U.S. commercial banks to Wachovia in scale, customer mix, and geographic footprint (particularly the Southeast U.S.).
- KeyCorp: KeyCorp is a regional U.S. commercial bank with a similar middle-market commercial banking and retail banking profile to Wachovia.
- Fifth Third Bank: Fifth Third is a regional U.S. commercial bank with comparable commercial lending, retail banking, and mortgage businesses to those Wachovia operated.
- PNC Financial Services: PNC is a major U.S. commercial bank with deep mid-market and commercial banking capabilities, closely comparable to Wachovia's middle-market and commercial banking franchise.
- Regions Financial: Regions Financial is a Southeast-focused U.S. commercial bank with overlapping geographic markets and a similar commercial and retail banking product set to Wachovia.
- U.S. Bancorp: U.S. Bancorp is a large U.S. commercial bank with a strong regional/mid-market commercial lending franchise and nationwide retail banking, directly comparable to Wachovia's commercial and retail banking business.
Market position
Strengths2 records
Weaknesses3 records
Competitive moat3 records
Key risks4 records
Key highlights5 records
Customer concentration
Wachovia Corporation financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wachovia Corporation leadership team
Management profileNumber of profiles
Profiles1 record
Wachovia Corporation funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wachovia Corporation M&A and investment
M&A and investmentM&A
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wachovia Corporation
What does Wachovia Corporation do?
Wachovia Corporation was a financial holding company that provided commercial and retail banking services, along with related financial services including deposit accounts, lending, mortgages, and wealth management products. The company served both consumer and business customers through a network of bank branches and digital channels. Wachovia ceased to exist as an independent company following its 2008 acquisition by Wells Fargo.
Is Wachovia Corporation a public or private company?
Wachovia Corporation is a private company. It is classified as corporate owned and is currently acquired.
When was Wachovia Corporation founded?
Wachovia Corporation was founded in 1879. It employs 5,001 to 10,000 people.
Where is Wachovia Corporation based?
Wachovia Corporation is headquartered in Charlotte, United States, in the North America region.
Who are Wachovia Corporation's main competitors?
Broad incumbents on record are Bank of America, JPMorgan Chase, Citigroup and Wells Fargo & Company. Direct peers are Truist Financial Corporation, KeyCorp, Fifth Third Bank, PNC Financial Services, Regions Financial and U.S. Bancorp.
Does Wachovia Corporation have an API?
No public API is recorded for Wachovia Corporation.
What industry is Wachovia Corporation in?
Wachovia Corporation's product category is Retail Banking. Its primary akta.pro industry code is FSABABAB, SME Business Lending (Term Loans, Lines of Credit, Overdrafts), with a secondary code of FSABABAF, SME Trade Finance & Working Capital (LCs, Guarantees, Receivables). Its SIC code is 6021.