wachovia securities
wachovia securities: : us wachovia investor arbitration attorney robert wayne pearce, p. a .
first union securities will announce wednesday that it has been renamed wachovia securities, registered rep. magazine has learned. the name change is effective may 2002 .
first union announced this morning that it is buying wachovia corp. and adopting its corporate identity. first union corp. will become wachovia corp. , and first union securities will be renamed wachovia securities, officials said during a conference call this morning .
wachovia securities is the trade name for the corporate and investment banking services of wachovia corporation and its subsidiaries, including its broker - dealer wachovia capital markets llc, member nyse, nasd, sipc .
first union announced this morning that it is buying wachovia corp. and adopting its corporate identity. first union corp. will become wachovia corp. , and first union securities will be renamed wachovia securities, officials said during a conference call this morning. “after all the negative experiences that first union had last year, i have to believe that maybe taking the wachovia name is probably
first union securities will announce wednesday that it has been renamed wachovia securities, registered rep. magazine has learned. the name change is effective may 2002. this is the fourth name change in the past 10 years for both former kemper securities and wheat first brokers. first union is the retail brokerage arm of wachovia corporation, along with ijl wachovia. the firm, the nation' s fifth
daniel j. ludeman, currently president and chief executive of wachovia securities, will be the president and ceo of the new firm .
this is the fourth name change in the past 10 years for both former kemper securities and wheat first brokers. first union is the retail brokerage arm of wachovia corporation, along with ijl wachovia .
wachovia securities brings 600 registered reps to the deal, according to a spokesperson for first union securities. its brokerage operations include the former interstate johnson / lane business, which it bought in april 1999. when combined, first union and wachovia securities will have 8, 350 retail brokers in 600 retail branches and 133 offices, mostly located along the eastern seaboard .
wachovias equity capital markets group, which conducts equity research, underwriting, and sales and trading for retail and institutional clients under the wachovia securities brand, will continue to operate separately from the retail brokerage group .
prudential is now exercising a put option it received as part of a 2007 deal in which wachovia bought a. g. edwards & sons inc. and folded it into wachovia securities, thus diluting prudential’s share .
wells fargo & company acquired wachovia corporation, including wachovia securities, in 2008. the nonbank brokerage subsidiary of wells fargo & company is now called wells fargo advisors. the trade name for the capital markets and investment banking services of wells fargo & company and its subsidiaries is now called wells fargo securities .
but wachovia spokeswoman christy phillips brown told bloomberg, “wachovia is firmly committed to our retail brokerage strategy and has no plans to sell it. ” the securities unit “has been and continues to be one of wachovia corp.' s best - performing businesses. it is a core business for wachovia and integral to our long - term strategy, ” she said .
after a posting record $ 8. 9 billion quarterly loss in the second quarter, wachovia could sell its mutual fund business, securities brokerage or its northeast and texas branches, according to analysts. but wachovia says the brokerage isn’t for sale .
charlotte will be the headquarters for the combined company' s east coast retail and commercial and corporate banking business. st. louis will remain the headquarters of wachovia securities .
danny ludeman, president and ceo of wachovia securities brokerage group, said in a statement that the firm' s new name
has compelling national power that will permit us to build on the sterling reputation associated with the wachovia brand. it gives us a distinct identity among a crowded and changing field of competitors in the securities industry .
the contributed brokerage operations will continue doing business under their current names until the merger is final, and then it will operate as wachovia securities, according to the statement .
wachovia securities is deeply committed to leveraging technology in providing its customers with the best possible service and liquidity ,
said mike lawroski, head of global rates at wachovia securities .
participating on tradeweb' s tba - mbs platform provides our firm with a great opportunity to further improve our service through efficient trading and online processing .
wachovia corp. chairman l. m .
bud
baker said that the combination of wachovia and first union securities will result in the creation of a super - regional brokerage firm that could become the
premier wealth management company in america .
under the agreement announced wednesday, wachovia and prudential will combine their retail securities brokerage and clearing operations to form a new firm, which will be headquartered in richmond, va .
nearly seven years ago, prudential financial combined its retail brokerage, prudential securities inc. , with that of wachovia, which became part of wells fargo last year. wachovia originally had a 62% stake in the joint venture, while prudential had the remainder .
under the terms of the agreement, wachovia and prudential will combine their retail securities brokerage and clearing operations to form a new firm, which will be headquartered in richmond, virginia. wachovia will have a 62 percent ownership interest in the new firm, and prudential will own the remaining 38 percent. wachovia will appoint three members to the firms board of managers and prudential will appoint two members. the contributed brokerage operations will continue doing business under their current names until integration is complete, and then will operate as wachovia securities .
the sale of prudential’s stake in the division, known as wachovia securities, is not scheduled to be completed until about jan. 1, 2010, but prudential said the deal could go through sooner. prudential and wachovia combined their retail brokerages in july 2003, with wachovia taking a 62 percent stake in the joint venture and prudential acquiring the rest .
the units of wachovia included in the new firm are: the entire wachovia securities retail brokerage firm, including its private client group, its in - bank investment services group and its independent brokerage group, which includes first clearing corporation, as well as selected supporting functions .
wachovia corp. , created through the merger of first union and the old wachovia, has assets of $ 342 billion and branches in 11 states and washington, d. c .
jersey city, nj (september 8, 2004) - tradeweb, the leading dealer - to - customer fixed - income trading network, announced today that wachovia securities, a subsidiary of wachovia corporation (nyse: wb), has gone live on its rapidly expanding mortgage bond trading platform .
jim toffey, ceo of thomson tradeweb commented ,
we are very excited to be working with wachovia securities as it strengthens its customer franchise on tradeweb. demand for electronic trading and processing continues to surge among mortgage investors and wachovia is now in an excellent position to capitalize on this growth
.
the new firm will report to donald a. mcmullen, jr. , president of wachovias capital management group. daniel j. ludeman, currently president and ceo of wachovia securities, will be the president and ceo of the new firm. he is a 24 - year veteran of the brokerage industry .
david m. carroll, wachovias co - head of merger integration of the first union / wachovia merger, which is planned for completion by year - end, will lead the integration effort .
this deal enables us to keep wachovia intact and preserve the value of an integrated company, without government support ,
robert steel, wachovia' s president and chief executive, said in a statement .
first union brokers say the firm has encountered problems in integrating the old everen securities’ and first albany’s back offices into first union .
additionally, three members of the wachovia board will join the wells fargo board when the transaction is completed .
ludeman said brokerage clients will receive information about the firm' s decision to adopt the wachovia securities name in a series of communications over the next several months. he said the change does not affect clients' relationships with their financial advisors .
strangfeld has led prudential securities for the past two years. he will continue in his position as a vice chairman of prudential financial .
wachovia securities is the 16th dealer to join the tradeweb tba - mbs dealer group, which includes credit suisse first boston, goldman sachs, lehman brothers, merrill lynch, citigroup, morgan stanley, deutsche bank, jp morgan, greenwich capital, abn amro, bear stearns, ubs investment bank, banc of america securities, countrywide securities, and freddie mac ss and tg. according to greenwich associates, this group of dealers collectively handles over 97% of all secondary trading volume in the mortgage pass - through market .
wachovia securities has been the subject of numerous past regulatory events and arbitration proceedings. some of these past regulatory events and arbitration proceedings included claims involving fraud, misrepresentation, negligence, breach of fiduciary duty, omissions, unsuitable investments, churning, mismanagement of accounts, and failure to supervise. the financial industry regulatory authority (finra) oversees broker - dealer and stockbroker practices and enforces its rules to protect investors and uphold industry standards. finra also provides potential investors with useful research tools on its website. investors considering opening an account at wachovia securities should perform their own due diligence by reviewing the broker - dealer' s regulatory history and stockbroker' s history of conduct. to begin investigating wachovia securities and / or its registered representatives, please visit brokercheck (urltoken) .
that would have allowed citigroup to sell wachovia' s distressed mortgage - related assets to the government for a profit .
the new firm will report to donald a. mcmullen jr. , president of wachovia' s capital management group .
for dedicated representation by a law firm with substantial experience in all aspects of securities, and commodities and investment disputes, contact the law offices of robert wayne pearce, p. a. , located in boca raton, florida. for over 35 years, attorney pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. the lawyers at our law firm are devoted to representing investors throughout the united states and international community! we have information about arbitrations and disciplinary actions against wachovia securities and / or stockbrokers employed at the firm on our blog, urltoken. you can always call (800) 732 - 2889 or email mr. pearce at pearce @ urltoken for answers to any of your questions about your wachovia securities investment losses and / or any related matter .
bloomberg reports that brad hintz of sanford c. bernstein & co. and gerard cassidy of rbc capital markets inc. suggest in research that wachovia’s new ceo robert steel, who has pledged to sell “non - core assets, ” may decide that wachovia securities, which includes the a. g. edwards brokerage acquired last october, and evergreen mutual funds, qualifies as non - core .
you expect your investment bank to understand your company and industry inside and out. with wells fargo securities, you get that – and much more .
first union is payout about $ 13 billion in stock for wachovia. a broker with ijl wachovia in richmond, va. , said that brokers in his office have not received details about how the brokerage businesses will be combined, and said the merger announcement came as quite a surprise to the producers in his branch, especially since first union plans to take the wachovia name .
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wells fargo securities is the trade name for the capital markets and investment banking services of wells fargo & company and its subsidiaries, including but not limited to wells fargo securities, llc, a member of nyse, finra, nfa, and sipc, wells fargo prime services, llc, a member of finra, nfa and sipc, and wells fargo bank, n. a. wells fargo securities, llc and wells fargo prime services, llc are distinct entities from affiliated banks and thrifts .
additional factors that could cause wachovias and prudentials results to differ materially from those described in the forward - looking statements can be found in wachovia and prudentials annual reports on form 10 - k, quarterly reports on form 10 - q and current reports on form 8 - k filed with the securities and exchange commission. all subsequent written and oral forward - looking statements concerning the proposed transaction or others matters and attributable to wachovia or prudential or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements referenced above. wachovia and prudential do not undertake any obligation to update any forward - looking statement to reflect circumstances or events that occur after the date the forward - looking statements are made .
wachovia shareholders will receive 0. 1991 shares of wells fargo for every share of charlotte, n. c. - based wachovia stock they own, valuing wachovia at about $ 7 per share. this is a nearly 80 percent premium over the stock' s thursday closing price of $ 3. 91. shares closed at $ 10 last friday, the last trading session before the deal with citigroup was announced .
wachovia, the nation' s fourth - largest bank, will have a 62 percent ownership interest in the new firm, and prudential will own the remaining 38 percent. wachovia will appoint three members to the firm' s board of managers and prudential will appoint two members .
mr. pearce has tried, and mediated numerous disputes involving complex securities, commodities, administrative, contract, commercial, business tort and employment law issues for over 35 years .
it is a bit unusual ,
said the broker .
but wachovia does have a good, strong name here in the southeast .
wells fargo securities is ranked in the top 10 in u. s. investment banking market fees and in the top 3 in total number of u. s. investment banking transactions .
john strangfeld, a vice chairman of prudential financial and leader of the companys investment division, which includes the retail securities brokerage and clearing operations, will serve as chairman of the new combined firm. strangfeld, a 25 - year employee of prudential, has led prudential securities for the past two years. he will continue in his position as a vice chairman of prudential financial .
new york (ap) - - in an abrupt change of course, wachovia corp. said friday it agreed to be acquired by wells fargo & co. in a $ 15. 1 billion all - stock deal, wiping out wachovia' s previous plan to sell its banking operations to rival suitor citigroup inc .
john strangfeld, a vice chairman of prudential financial and leader of that company' s investment division, which includes the retail securities brokerage and clearing operations, will be chairman of the new firm .
it provides superior value compared to the previous offer to acquire only the banking operations of the company and because wachovia shareholders will have a meaningful opportunity to participate in the growth and success of a combined wachovia - wells fargo that will be one of the world' s great financial services companies ,
said wells fargo chairman dick kovacevich .
through tradeweb, wachovia securities now provides institutional investors deep liquidity across the range of actively traded tba - mbs products. currently, more than 350 major mortgage - backed institutional investors use tradeweb to execute a significant portion of their tba - mbs trades. in august alone, nearly $ 800 billion in volume traded over tradeweb' s tba - mbs platform - a new monthly record .
a key difference is that the wachovia deal will be done without government assistance, while the citigroup deal would have been done with the help of the federal deposit insurance corp .
wells fargo & co. is shelling out $ 4. 5 billion in cash for prudential financial inc. ’s slice of a brokerage joint venture it shared with wachovia corp .
calvin previously served as the director of capital markets with an atlanta - based investment banking firm whereby he had responsibility for managing corporate and public client relationships as well as originating and executing capital markets and corporate finance transactions. calvin’s client relationships included fortune 500 corporations and city and state pension and retirement funds. calvin possesses a wealth of knowledge in a diverse range of investment products. calvin began his investment - banking career with wachovia securities in atlanta, before moving to jpmorgan equity capital markets in new york. during his tenure with wachovia securities he held the positions of institutional fixed income investment officer and financial consultant. while at jpmorgan, calvin was responsible for conducting company and industry research, as well as performing valuation analysis for over $ 10 billion in equity and equity - linked transactions .
with more than 8, 000 registered representatives serving clients through offices in 49 states, wachovia' s combined brokerage organization has $ 274 billion in client assets, the firm says .
newark n. j. / charlotte, n. c.  february 19, 2003  wachovia corp. (nyse: wb), and prudential financial inc. (nyse: pru)  two of the nations leading providers of investment, securities, insurance, and banking products  announced today that they are joining retail brokerage forces to create one of the nations largest retail financial advisory organizations .
on monday, citigroup agreed to buy wachovia' s banking operations for $ 2. 16 billion in a deal orchestrated by the federal government. that deal, which had been approved by the boards of both companies, was still subject to approval by wachovia' s shareholders and regulators. it is not clear whether citigroup will have to pay a break - up fee .
wachovia corporation (nyse: wb), created through the september 1, 2001, merger of first union and wachovia, had assets of $ 342 billion, assets under management and administration of $ 802 billion, and stockholders equity of $ 32 billion at december 31, 2002. wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the east coast and the nation. the company operates full - service banking offices under the first union and wachovia names in 11 east coast states and washington, d. c. , and offers full - service brokerage with offices in 48 of the 50 states. global services are provided through more than 30 international offices. online banking and brokerage products and services are available through urltoken and www. wachoviasec. com .
the board approved wells fargo' s offer late thursday. the deal is still subject to wachovia shareholder and other regulatory approvals. wells fargo said it expects the deal to close by year - end .
but the failure of the government' s proposed $ 700 billion bailout for financial institutions monday afternoon cast doubt on whether citigroup would be able to rid itself of some of wachovia' s bad debt .
the deal would give wells fargo, which is buying wachovia, full control of one the largest retail brokerage forces in the country, with 14, 635 brokers and $ 1 trillion of client assets .
this news release contains forward - looking statements within the meaning of the private securities litigation reform act of 1995, including, without limitation, (i) statements about the benefits of the transaction between wachovia and prudential, including future financial and operating results, cost savings, enhanced revenues, and accretion to reported earnings that may be realized from the transaction; (ii) statements with respect to wachovia and prudentials plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as believes, expects, anticipates, estimates, intends, plans, targets, and similar expressions. these statements are based upon the current beliefs and expectations of wachovia and prudentials management and are subject to significant risks and uncertainties. actual results may differ from those set forth in the forward - looking statements .
if you have any further questions about enrolling in access online, please contact your financial advisor. wachovia securities is now wells fargo advisors. © wells fargo advisors is a trade name used by wells fargo clearing services, llc (wfcs) and wells fargo advisors financial network, llc, separate registered broker - dealers and non - bank affiliates of wells fargo & company. wells trade brokerage accounts are offered through wfcs under the trade name wells fargo advisors .
charlotte, n. c.  wachovia corp. has agreed to acquire prudential financial inc.' s retail brokerage unit in a deal that they said would create one of the nation' s biggest brokerages .
prudential financial plans to sell its minority stake in wachovia ‘s brokerage unit to wells fargo in a deal that could yield the nation’s second - largest life insurance company a $ 1. 7 billion after - tax gain .
when it reported second quarter results, wachovia said it expects $ 9 billion in additional mortgage losses over the next 18 months, though morgan keegan inc. analyst robert patten projected that number could exceed $ 15 billion .
wells fargo securities offers a comprehensive set of capital markets services for corporate and institutional clients. these include originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and originating structured lending facilities and municipal bonds .
a revised version of the bailout plan was passed on wednesday by the senate and goes up for a house vote on friday. the plan still centers on enabling the government to spend billions of dollars to buy bad mortgage - related securities and other devalued assets from troubled financial institutions .
he added that first union is determined to grow its wealth management business under the new wachovia banner, possibly increasing net income by as much as 15% annually through cross - selling and possibly through more brokerage acquisitions in the future .
meanwhile, anton schutz, president of mendon capital advisors corp. in rochester, new york, said the bank is more likely to sell off retail bank branches such as new york and texas, where wachovia doesn' t have strong market share .
the units of prudential included in the new firm are: the private client group, which includes prudential securities domestic and latin american branches, and wexford clearing services corporation, as well as all supporting functions for these businesses. excluded from the new firm are prudential securities widely - acclaimed, independent equity research department and its domestic and international equity sales and trading group. these will continue to operate as a unit of prudential financial and will be called the prudential equity group. other prudential units excluded from the new firm are: prudentials international private client and global derivatives operations, and the prudential bank and trust .
the wachovia - wells deal, announced friday, comes in a turbulent time for banks and financial firms as they grapple with the ongoing credit crisis, which led to the recent bankruptcy of lehman brothers holdings inc. and the failure of washington mutual inc .
“after all the negative experiences that first union had last year, i have to believe that maybe taking the wachovia name is probably a good long - term strategy if this firm ever plans to have a national presence, ” says a first union broker who asked to remain anonymous .
in addition to assuming $ 53 billion worth of debt, citigroup had agreed to absorb up to $ 42 billion of losses from wachovia' s $ 312 billion loan portfolio. the fdic agreed to cover any remaining losses in exchange for $ 12 billion in citigroup preferred stock and warrants .
tradeweb is the leading online fixed - income trading network with over 5 million trades executed and total volume surpassing $ 50 trillion since its inception in 1998. tradeweb' s multi - dealer auction model links 29 of the world' s leading dealers of fixed - income securities with more than 1, 500 buy - side institutions in north america and europe .
wachovia is a regional banking firm based in winston - salem, n. c. first union corp. is headquartered in charlotte. a hiring freeze has been implemented at both firms, officials said during the conference call. the deal is expected to close in the third quarter of this year .
several times during the conference call, thompson emphasized that the firm is preparing for a
flawless
integration process that will be carefully and gradually implemented as wachovia and first union operations are merged over the course of the next three years .
i can' t emphasize this enough ,
he said .
wachovia shares were up $ 2. 25, or 53 percent, at $ 6. 50 in premarket trading, while wells fargo fell $ 1. 40, or 3. 8 percent, to $ 35. 31. citigroup shares were down $ 3. 10, or 13. 2 percent, to $ 20. 35 .
prudential, which is based in newark, and other insurance companies have seen their investment portfolios, which often include large piles of mortgage - backed securities, decline sharply in value over the past year. the company, which lost $ 108 million in the third quarter, also said that it had applied for capital through the $ 700 billion troubled asset relief program, or tarp, but that the government has not yet made a decision on its request .
with a strong entrepreneurial spirit, calvin has also enjoyed stints as founder and ceo of millennium health ventures, llc a healthcare holding company which established a growing network of five outpatient physical therapy clinics in georgia. he also served as ceo and board member of surgeon’s choice assistants. calvin has an mba in finance from mercer university and a bachelors of science in finance from the university of alabama. he completed the ucla mergers & acquisitions executive education program. calvin holds the series 50 and 65 securities licenses .
we are extremely enthusiastic about the formation of this new financial advisor powerhouse,  said mcmullen. this creates one of the nations leading retail brokerage platforms, with a major national market presence, excellent growth prospects and a shared vision of putting the client first. this transaction is a clear indication of wachovias commitment to its stated strategy of expanding retail distribution as a competitive advantage while generating rapid and attractive financial returns. 
prudential financial companies, with approximately $ 556 billion in total assets under management and administration as of december 31, 2002, serve individual and institutional customers worldwide and include prudential insurance company, one of the largest life insurance companies in the u. s. these companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. for more information, visit www. prudential. com .
gregory feldman mr. feldman is a director – capital markets at silver portal capital with 20 years of capital markets experience. prior to joining the firm, he was vice president of capital markets for new york - based fbn securities where he developed and managed institutional investor accounts. prior to that, mr. feldman was responsible for business development and client management for institutional trading and equity research firms, capstone investments and caris & company. mr. feldman began his capital markets career with investment bank avondale partners, where he distributed firm research and raised over $ 100m of equity capital for investment banking clients. mr. feldman received a ba in economics and an mba in finance from emory university. mr. feldman holds a california real estate sales license and is finra series 7, 24 and 63 licensed .
san francisco - based wells fargo will record merger and integration charges of about $ 10 billion, but says it expects earnings to be boosted within the first year after the acquisition closes. no government assistance is part of the deal terms .
additionally, wells fargo plans to issue up to $ 20 billion of stock, primarily common stock, to maintain a strong capital position .
the combined company will have total deposits of $ 787 billion and assets of $ 1. 42 trillion, more than doubling wells fargo' s totals on both counts. the bank will operate more than 10, 000 locations. the two banks currently employ a combined 280, 000 people .
while the proposal would have prevented most banks from profiting on the sale of troubled assets to the government, an exception would have been made for assets acquired in a merger or buyout .
citigroup has not turned a profit for three straight quarters, and lost a total of $ 17. 4 billion during that period after writing down its assets by about $ 46 billion. that' s the most write - downs of any u. s. bank .
while wells fargo has logged three straight quarters of profit declines, the bank has been weathering one of the nation' s worst credit crises much better than most of its competitors, in part because it had less exposure to the subprime mortgages whose failure undermined the financial sector .
that means it hasn' t been forced to take the huge number of write - downs that other banks have needed. under stumpf the bank also has continued raising its dividend at a time when many other financial institutions are slashing theirs to preserve capital .
john g. stumpf, wells fargo president and ceo, took over in june 2007 - - near the start of the credit crisis - - from kovacevich, who remains chairman. both men worked since the 1980s at norwest corp. , wells fargo' s predecessor .
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first union corp. chairman ken thompson said during the call that the merger will result in
increased cross - selling opportunities on both sides of the business .
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i could be wrong again. but the prospect to get a piece of the tarp funds may just puffs in the air, after this annoucement .
the new company will be the third largest brokerage firm in the country, based on combined client assets of $ 537 billion and 2002 estimated combined net revenue of $ 4. 2 billion. the firm will have a national footprint of more than 3, 500 brokerage locations, including 791 dedicated retail offices in 48 states and the district of columbia. the new company will create a full - service firm that will provide advice to customers based on research from multiple providers and have access to a broad suite of financial products and services from its parent organizations .
the transaction, which is anticipated to close in the third quarter of 2003, is expected to be accretive to the earnings per share of both companies in the first full year following the closing, not including the effect of one - time charges. the transaction also provides attractive internal rates of return .
the new correspondent clearing unit will operate under the wexford name and will be among the nations top five clearing firms, serving approximately 200 broker - dealers nationwide .
our two firms are a great fit,  said strangfeld. this new company makes sense because it gives us the scale necessary to compete and because both parent companies share an investor - focused strategy. 
mcmullen noted that the combined entity would benefit from significant annual expense efficiencies, estimated at $ 220 million after tax by 2005. the new company will record merger - related and restructuring charges and exit cost purchase accounting adjustments of approximately $ 681 million after tax in connection with the transaction over the 18 - month integration period .
with combined client assets of $ 537 billion, the new firm will distribute a full range of financial products, including mutual funds, annuities, insurance, lending, trust and 401 (k) products. it will be one of the leading distributors of mutual funds and annuities in the country .
the combination of our financial advisory organizations will create a firm that is clearly among the leaders of our industry,  ludeman said. it will be a firm with the scope
and resources required to make it the firm of choice for clients and in particular for quality financial advisors. 
there are few opportunities in the marketplace where two firms can join together to build the scale that makes you a major player overnight,  said strangfeld. we believe we are ideal partners for each other. our cultures are aligned and both firms are dedicated to putting the client first and offering them the best products and services. 
announcement conference call: executives from both companies will discuss the partnership of the brokerage firms on a conference call at 10 a. m. edt on wednesday, february 19. the call will be available by telephone and audio webcast. during the call, the speakers will review information presented in handouts that are available through urltoken participants are encouraged to access the handouts before the teleconference begins .
webcast instructions: to access the audio webcast go to urltoken and click on the audio webcast link. please log on to the website at least 10 minutes prior to the call to register and download and install any necessary audio software. a replay of the webcast also will be available beginning at 12 p. m. edt today .
teleconference instructions: the telephone number for todays conference call is 800 - 283 - 4212 for u. s. callers (402 - 220 - 9731 for international callers). you will be asked to provide your name and business affiliation. mention the conference access code: 19996. a continuous telephone replay will be available beginning at 12 p. m. edt today through 11 a. m. edt on march 5. the replay telephone number is 402 - 220 - 9080 .
video news release: b - roll and interviews with donald mcmullen jr. and john strangfeld can be downlinked from the following coordinates: sbs 6, transponder 9, 11 a. m.  11: 30 a. m. edt, wednesday, february 19 th .
( 16) technological changes; (17) the effect of corporate restructurings, acquisitions and / or dispositions, including, without limitation, the transaction, and the actual restructuring and other charges related thereto; (18) unanticipated regulatory or judicial proceedings; (19) the impact of changes in accounting policies; (20) the impact on the combined businesses, as well as on the risks set forth above, of various domestic or international military or terrorist activities or conflicts; and (21) the success of the combined company at managing the risks involved in the foregoing .
ceo steel, who took the helm of the brokerage firm on july 9 after former ceo kennedy thompson was ousted, made the “non - core” remarks on july 21. at that time, he didn’t define which assets are non - core, instead saying he would review the bank’s units in the coming months .
analysts have been speculating about what the sale of various business units for many troubled wall street brokerages and investment banks .
the firm, the nation' s fifth largest brokerage organization, will operate under its separate, existing names pending consolidation of separate brokerage systems, which the firm expects to complete in may, 2002 .
the companies said the resulting brokerage will be the third largest in the country, based on combined client assets of $ 537 billion and 2002 estimated combined net revenue of $ 4. 2 billion .
the firm will have more than 3, 500 brokerage locations, including 791 dedicated retail offices in 48 states and washington, d. c .
the merger is expected to close in the third quarter, the companies said .
our two firms are a great fit ,
said strangfeld .
this new company makes sense because it gives us the scale necessary to compete and because both parent companies share an investor - focused strategy .
prudential financial companies, with approximately $ 556 billion in total assets, serve individual and institutional customers worldwide and include prudential insurance company, one of the largest life insurance companies in the u. s .
we serve the following localities: atlanta, baltimore, boston, chicago, dallas–fort worth, denver, detroit, houston, los angeles, miami, new york city, philadelphia, phoenix, san bernardino - riverside, san diego, san francisco, seattle, st. louis, tampa–st. petersburg, and washington, d. c .
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in 2018, these one - day workshops, designed specifically for female financial advisers, will be held in chicago, boston, denver and san francisco .
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wells fargo released the official price paid for the ownership share this morning. it anticipates acquiring prudential’s part of wells fargo advisors llc on or before dec. 31, bringing the unit entirely under wells fargo’s umbrella .
prudential financial expects to reap about $ 1. 5 billion in after - tax generally accepted accounting principles gains from the sale, which will be reflected in the company’s profits but not its adjusted operating income .
its insurance subsidiary, the prudential insurance company of america, will pick up more than 100 basis points in its risk - based - capital ratio at the end of the year .
donald putnam, managing partner at grail partners llc, said that with wells fargo being a “main street bank, ” he expected “more and more integration” of the brokerage unit into main street banking over the next year or so. “this may be a good thing, given how good wells is with clients, ” he said. “but it will be a tough thing for the remnants of the wall street type brokers. ”
mr. putnam added that while wells may be headquartered in san francisco, “it’s a very midwestern company in its values and its operating culture. ”
kyle johnson' s journey from a pastor to financial adviser; the lesson' s he learned along the way and what you can take away from his story .
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the senior safe act and new finra rules are the latest initiatives to encourage advisers to intervene in cases of elder financial fraud. but the measures don' t guarantee advisers won' t be sued .
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cerulli study says mutual fund companies and wealth managers are swimming in the same channels .
these eight firms ranked highest in the 2018 j. d. power broker satisfaction survey that judged them by such factors as client support, compensation and firm leadership .
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wachovia securities was the trade name of wachovia 's retail brokerage and institutional capital markets and investment banking subsidiaries . following wachovia 's merger with wells fargo and company on december 31 , 2008 , the retail brokerage became wells fargo advisors on may 1 , 2009 and the institutional capital markets and investment banking group became wells fargo securities on july 6 , 2009 . 
wachovia securities was the trade name of wachovia's retail brokerage and institutional capital markets and investment banking subsidiaries. following wachovia's merger with wells fargo and company on december 31, 2008, the retail brokerage became wells fargo advisors on may 1, 2009 and the institutional capital markets and investment banking group became wells fargo securities on july 6, 2009.
wachovia securities was the trade name of wachovia's retail brokerage and institutional capital markets and investment banking subsidiaries. following wachovia's merger with wells fargo and company on december 31, 2008, the retail brokerage became wells fargo advisors on may 1, 2009 and the institutional capital markets and investment banking group became wells fargo securities on july 6, 2009.