Wachovia Corp., based in Charlotte, N.C., reported a net income of $1.69 billion, or 89 cents per share, in the third quarter of 2007, compared with $1.88 billion, or $1.17 per share, in the third quarter of 2006.
Lower earnings were attributed to a disruption in the capital markets.
Other data, as of Sept. 30:
– Assets: $754.2 billion, compared to $559.9 billion in the third quarter of 2006.
– Total deposits: $421.9 billion, compared to $323.3 billion last year.
– Stockholders’ equity: $70.2 billion, compared to $51.2 billion last year.
– Ranking: Fourth largest bank holding company in the United States, based on assets; third largest U.S. full-service brokerage firm, based on client assets.
– Market: Full financial services through offices in 21 states and Washington, D.C.; full-service brokerage with offices nationwide through Wachovia Securities LLC. Other national businesses include investment banking products and services in selected corporate and institutional sectors, mortgage lending, and auto dealer finance; while global services are provided through more than 40 international offices.
– Customers: 13 million households and businesses; 13.4 million online product and service enrollments; 4.5 million active online customers.
– Employees: 110,000, including about 650 employees in the San Diego region.
– Financial centers: Personal service and advice through 3,400 financial centers; 780 retail brokerage offices. The acquisition of the A.G. Edwards Inc. retail brokerage firm on Oct. 1 added about 740 retail brokerage offices and 6,300 financial consultants.
– Key subsidiaries: Wachovia Bank N.A., Wachovia Mortgage, Wachovia Securities LLC, Wachovia Capital Markets LLC.
– Charitable contributions: Wachovia recently donated $1 million to help the California fire victims and is committing $150 billion to community development in California during the next 10 years, including charitable donations, down-payment assistance grants, affordable housing subsidies, financial literacy training for adults and small-business technical training.
Source: Wachovia Corp.
, Pat Broderick