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July 01, 2003 at 08:00 PM
NU Online News Service, July 1, 2003, 4:03 p.m. EDT – Wachovia Corp., Charlotte, N.C., and Prudential Financial Inc., New York, say they have merged their retail brokerage businesses to form a new broker-dealer, Wachovia Securities L.L.C., Richmond, Va.
Wachovia owns 62% of Wachovia Securities, and Prudential owns 38%.
Wachovia is a large bank holding company that used to be known as First Union Corp. First Union greatly expanded its retail brokerage operations by acquiring Wheat First Butcher Singer, Richmond, a large regional brokerage firm, in 1998.
First Union acquired Wachovia Corp., Winston-Salem, N.C., a large regional bank, in 2001, then changed its own name to Wachovia Corp. Around the same time, the new Wachovia Corp. changed the name of its securities unit to Wachovia Securities.
