Wachovia was a diversified financial services company based in Charlotte, North Carolina.Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets.
Wachovia provided a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states, along with nationwide retail brokerage, mortgage lending, and auto finance businesses.
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Subsequently, Wachovia eliminated the A. G. Edwards brand in favor of Wachovia Securities. On December 31, 2008, Wachovia Corporation was purchased by Wells Fargo & Co. after the bank was nearly taken over by the FDIC. Wachovia had purchased Golden West Financial and its subsidiary World Savings in mid-2007.
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Its banking operations are so large that this represents under 10 percent of the corporate total. When Wells Fargo received the blessing of the FDIC to acquire Wachovia's banking operation (in2008) it made Wells Fargo a major national player in securities brokerage.
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