| Rank # of Fortune 500 Companies | |
|---|---|
| Texas | 58 |
| New York | 55 |
| California | 52 |
| Company | Rank |
|---|---|
| Valero Energy | 16 |
| Goldman Sachs | 20 |
| Microsoft | 44 |
 Get Quote: WB
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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry: Commercial Banks
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