Wachovia Bank Swot Analisys

Introduction:

When it began, Wachovia Bank was a very reputable company, with a strong presence in the financial world. In fact, Wachovia was one of the leaders in the financial industry itself. The company was nationwide, and focused around convenience and being the industry's best at customer service and serving quality products. Over time, however, the company began digressing. The overall economy was getting weaker, which made it more difficult for many financial institutions to maintain a strong customer base.

Overview of Organization:

The organization that will be the topic of my final project paper is Wachovia Bank, a Wells Fargo Company. Wachovia Bank is a very large name in the financial industry today. The organization has been in operation since 1879. The company originally began in Winston Salem, North Carolina. Wachovia Bank was a provider of a broad range of banking, wealth management, asset management, and investment banking products and services. The financial institution was organized into four different operating segments including general bank, wealth management, capital management, and investment banking. The general banking group included retail, commercial and small business customers. The wealth management division dealt with high net worth clients, personal trust, and insurance business. The capital management segment focused around retirement, retail brokerage services, and asset management. The investment banking segment dealt with capital markets, investment banking, and financial advising.

Wachovia Bank grew to be one of the largest banks in the United States, operating in twenty one different states. While Wachovia was a large company, it had some major problems along the way. Wachovia was having some difficulty in the areas of credit quality and overall earnings. In 2001, Wachovia Bank was acquired by First Union Bank. Although First Union Bank acquired Wachovia, the two companies agreed to keep the Wachovia name for marketing purposes. At this point, First Union Bank was worried that Wachovia would lose business if they stayed in Winston Salem. The city was going through job losses, as part of the economic times. First Union Bank