Wachovia Corporation
Industry: Money Center Banks
For the nine months ended 30 September 2005, Wachovia Corporation's interest income increased 40% to $17.22B. Net interest income after loan loss provision increased 17% to $10B. Net income increased 31% to $4.94B. Net interest income reflects higher average balances of loans, partially offset by higher interest paid on deposits. Net income benefited from higher service charges and an increase in other banking fees.
Wachovia Corporation (Wachovia) is registered as a financial holding company and a bank holding company, and provides commercial and retail banking, and trust services through full-service banking offices. Wachovia Bank, National Association (WBNA) operates most of these banking offices. Wachovia also provides various other financial services, including mortgage banking, investment banking, investment advisory, home equity lending, asset-based lending, leasing, insurance, international and securities brokerage services. The Company's retail securities brokerage business is conducted through Wachovia Securities, LLC, and operates in 49 states. The Company four core businesses are the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank. Following Wachovia's November 1, 2004, merger with SouthTrust Corporation (SouthTrust), the Company also operated banking offices through SouthTrust Bank. SouthTrust Bank was merged into WBNA on January 3, 2005.
Wachovia Corporation' rank improves
The company ranking improved in 2008, moving up the Fortune 500 list to 38th compared to 46th in 2007. This was based on its 2007 revenue of $46,810 million (a change of 9 million compared to 2008) and profits of $7,791 million (a change of $-1 million compared to 2007).
Another point of view
To many investors, profits are more important than the revenue a company earns. If the Fortune 500 was ranked by profits instead of revenue then Wachovia Corporation would be ranked 21st rather than 38th due to its profits of $6,312 in 2008.
| Wachovia Corporation | Revenue* | Profit* | Fortune Ranking |
|---|---|---|---|
| 2008 | 55,528 | 6,312 | 38 |
| 2007 | 46,810 | 7,791 | 46 |
| 2006 | 35,908 | 6,643 | 57 |
* US$ Million
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Address
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Wachovia Corporation
301 South College Street Suite 4000
Charlotte
NC
28288
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Wachovia Corporation
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Contact Details
- Phone: 704-374-6565
- Fax: 704-374-3425
- Website: www.wachovia.com
- Stock Symbol: WB
Wachovia Corporation is not ranked in this year's Fortune 500