Wachovia Bank, based in Charlotte, North Carolina, is a diversified financial services subsidiary of Wells Fargo. As an independent company, it was the fourth-largest bank holding company in the United States, based on the amount of balance. Wachovia - is the common name under which engaged commerce bank Wachovia, and Wachovia Bank of Delaware. Wachovia provides a broad range of banking services, asset management services and capital, as well as corporate and investment services.

Founded in 1908 as the Union National Bank of Charlotte; 18 July 1958 merged with First National Bank & Trust Company, Asheville, and changed its name to First National Bank of North Carolina, June 5, 1997 the name changed to First Union National Bank . The new bank Wachovia was formed in September 2001 by combining the First Union National Bank and Wachovia Bank.

Wachovia Corp. with all Wachovia Bank locations was acquired by Wells Fargo on Dec. 31, 2008, and it ceased to be an independent corporation. Wells Fargo bought Wachovia, after a forced government sale, to avoid a complete collapse of an independent company Wachovia. Over the next three years, Wachovia brand is likely to be absorbed and begin to work already under the name "Wells Fargo".

Today, the fourth-largest U.S. bank Wachovia announced its billion-dollar loss for the second quarter of the fiscal year, which was a surprise for the whole industry. In addition, Wachovia Bank locations for which the first quarter was also in minus, following a long active search and finally found a new leader.

Concern is now led by Robert Steel, Wachovia reported in the Wednesday following the completion of exchange trading. The bank also announced that in the second quarter there is expected damages in the amount of 2,6-2,8 billion due to the mortgage crisis.

The reaction of experts on Wachovia message was in general a relatively calm. For Wachovia there was unprofitable and the first quarter of fiscal year, although at that time the loss is measured by three-digit million sums.

After experiencing several write-downs and unsuccessful decisions, Wachovia Bank parted in early June with the chairman Ken Thompson. The search for a successor had been assigned to Lant Smith, who temporarily led by Wachovia. The main candidate to head the bank had already considered this place have now received the 56-year-old Robert Steele, who has recently worked in the Ministry of Finance of the USA, and before that worked in the invest bank Goldman Sachs. In a brief statement in connection with this appointment, Lant Smith said that Robert Steel is just the person to whom to direct the forces of Wachovia in today's market as “strong and independent” enterprise.

After stock trade the shares of Wachovia responded to the appointment of a new growth of 3%, rising to 14.75 dollars, and before that in view of the total sale of financial assets they have completed the trading day in the red. In total, during the past year, Wachovia shares lost in value 63%.

Today there are 108 Wachovia Bank locations in the world, 11 banks in the U.S. The company assets: $ 635,476 million