Wachovia Buys Prudential Brokerage
ORGANIZATION AND STRATEGY
CHARLOTTE, N.C.--Wachovia is purchasing a controlling interest in Prudential Securities from Prudential Financial, creating the third largest firm in the country based on client assets of $537 billion and combined net 2002 revenue of $4.2 billion, the firms said last week. The deal comprises 3,500 branches, with 791 dedicated retail offices in the US.
The combined firm will be headquartered in Richmond, Va., and also includes Wexford Clearing Services. The correspondent clearing unit will operate
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