By acquiring
The combined firm will now have a national footprint of 3,350 brokerage locations, including 1,500 dedicated retail offices.
“The long-term growth opportunities of the brokerage industry are extremely compelling to Wachovia, and we have long expressed our interest in growing this business both organically and through acquisition,” said Ken Thompson, Wachovia chairman and CEO.
President and CEO of Wachovia Securities Daniel Ludeman will remain in command of the combined brokerage. Robert Bagby, chairman and CEO of A.G. Edwards, will serve as chairman of the combined unit.
The retail brokerage organization will be headquartered in St. Louis. The A.G. Edwards name will cease and operate as Wachovia Securities.