WASHINGTON—Following a management shake-up last week and several recent dings to its reputation, Wachovia Corp. plans to hire a third-party consultant to review its internal controls.

G. Kennedy Thompson, who was stripped of his chairman title and duties last week but remains the president and chief executive, did not address his change in duties Monday during a presentation at a conference in New York. However, he did say that he met with some of the $808 billion-asset Charlotte company’s directors Saturday to discuss the review.

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