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Our annual ranking of America's largest corporations

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38 of 1000
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38. Wachovia Corp.
Wachovia Corp.
Financials: Latest Results
Rank: 38 (Previous rank: 46)
Compare tool: Wachovia Corp. vs. Top 10
CEO: G. Kennedy Thompson
Address: 1 Wachovia Center
Charlotte, NC 28288
Phone: 704-374-6565
Website: www.wachovia.com
The fourth-largest U.S. bank's $24 billion acquisition of Golden West in 2006 has proved to be an expensive gamble due to the risky adjustable rate mortgages it assumed as part of the deal, which now account for $120 billion of Wachovia's $170 billion mortgage portfolio.

Slow to acknowledge the extent of its problem, executives at Wachovia continue to deny the bank was at risk, but hedged its bet with other investments. In April, the company set aside $2.8 billion for anticipated loan losses and announced plans to raise $7 billion in new capital by selling stock. Last fall, it acquired brokerage firm A.G. Edwards, which now operates as Wachovia Securities, for $6.8 billion.

Revenues 55,528.0 18.6
Profits 6,312.0 -19.0
Assets 782,896.0
Stockholders' equity 76,872.0
Market value (3/28/2008) 51,501.5
Revenues 11.4
Assets 0.8
Stockholders' equity 8.2
2007 $ 3.26
% change from 2006 -29.6
1997-2007 annual growth rate % 0.9
2007 -29.8
1997-2007 annual rate 0.8
1 Citigroup 8 159,229.0
2 Bank of America Corp. 9 119,190.0
3 J.P. Morgan Chase & Co. 12 116,353.0
4 Wachovia Corp. 38 55,528.0
5 Wells Fargo 41 53,593.0
6 U.S. Bancorp 122 20,308.0
7 Capital One Financial 130 18,965.5
8 Bank of New York Mellon Corp. 172 14,798.0
9 SunTrust Banks 193 13,464.6
10 State Street Corp. 225 11,818.0
11 National City Corp. 226 11,791.3
12 Regions Financial 245 10,753.8
13 BB&T Corp. 250 10,668.0
14 PNC Financial Services Group 264 9,956.0
15 Fifth Third Bancorp 307 8,494.0
16 KeyCorp 321 7,873.0
17 Marshall & Ilsley Corp. 425 5,745.2
18 Northern Trust Corp. 447 5,395.1
19 Comerica 501 4,618.0
20 M&T Bank Corp. 509 4,477.8
21 Synovus Financial Corp. 511 4,462.8
22 Popular 571 3,822.5
23 Zions Bancorp. 589 3,617.7
24 Huntington Bancshares 610 3,419.6
25 Commerce Bancorp 643 3,179.7
26 First Horizon National Corp. 650 3,165.9
27 Colonial Bancgroup 964 1,742.7
From the May 5, 2008 issue
Acquired A.G. Edwards (2007 rank: 655), Oct. 1, 2007.

Robert K. Steel replaced interim CEO Lanty L. Smith at Wachovia Corp. July 8. Mr. Smith had replaced G. Kennedy Thompson June 2.
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