Wachovia Expands; CFO To Leave
Thursday, Jul 24, 2008 - 06:06 PM
Email a Friend
Reader Reaction
RSS
digg it
Printer Friendly
Sphere IT
Save This PageBy The Associated Press
WINSTON-SALEM, N.C. -- A Wachovia Corp. division that serves affluent customers says its revenue is growing and the division is expanding, which is good news for Winston-Salem.
Discuss This Story
Discuss This Story
The Winston-Salem Journal reported Thursday that Wachovia's wealth management division chief Stanhope Kelly said the operation plans to double revenue over the next five years.
The projection comes at a time when the Charlotte-based parent company reported it lost nearly $8.9 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
The wealth management division is headquartered in Winston-Salem where about 600 of its 4,665 employees are based.
Search Begins For CFO Successor
NEW YORK -- Wachovia says its chief financial officer is stepping down and that it plans to begin an immediate search for his replacement.
Thomas J. Wurtz plans to leave the Charlotte, N.C.-based bank after a successor is named.
Wurtz' exit follows that of Chief Executive Ken Thompson, who was ousted by the bank's board in June after a series of missteps.
Robert Steel, former Treasury Undersecretary and Goldman Sachs Group Inc. executive, was hired as Thompson's replacement.
Reader Reaction:
Reaction Page:
