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Wachovia Securities was the trade name of Wachovia's retail brokerage and institutional capital markets and investment banking subsidiaries. Following Wachovia's merger with Wells Fargo and Company on December 31, 2008, the retail brokerage became Wells Fargo Advisors on May 1, 2009 and the institutional capital markets and investment banking group became Wells Fargo Securities on July 6, 2009.
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. [3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate ...
A.G. Edwards, Inc. was an American financial services holding company; its principal wholly owned subsidiary was A.G. Edwards & Sons, Inc., which operated as a full-service securities broker-dealer in the United States and Europe. The firm was acquired by Wachovia to be folded into Wachovia Securities; [1] Wachovia was subsequently acquired by ...
Prudential Securities, formerly known as Prudential Securities Incorporated (PSI), was an American financial services arm of the insurer, Prudential Financial. In 2003, Prudential Securities was merged into Wachovia Securities , a division of Wachovia Bank .
The October 4, 2008 episode of Saturday Night Live lampooned the Wachovia takeover of Golden West Financial during a segment on the financial bailout. Darrell Hammond, as Herb Sandler, states that "My wife and I had a company which aggressively marketed subprime mortgages, and then bundled them as securities to sell to banks such as Wachovia ...
Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well-established investment banking practice which operated under the Wachovia Securities banner. Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union.
The subsidiary was formerly known as Wachovia Securities until May 1, 2009, when it legally changed names following Wells Fargo's acquisition of Wachovia Corporation. History. Wells Fargo Advisors traces its history to 1879, where it grew through mergers with many of the industry's regional and national firms.
The bankruptcy of Lehman Brothers, also known as the Crash of '08 on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal Reserve summoned several banks to negotiate financing for its ...