This paper addresses the merger between First Union and Wachovia banks to illustrate various components of the corporate merger. This six page paper has six sources in the bibliography.
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when measured in terms of broker/dealers business this bank will rank fifth in the US (First Union, 2002). The headquarters of the
bank are based at Charlotte, N.C. and the banks presence is along the east coast, with branches in eleven different states; Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia,
North Carolina, South Carolina, Georgia and Florida, as well as Washington DC (First Union, 2002). The bank has assets of $320 billion and deposits of $180 billion and employees more
than 82,000 people (First Union, 2002). In terms of size the company has 9 million households as customers, and 4 million of
these are registered for online banking (First Union, 2002). The branches have been developed into banking and finance centres, where there are
more specialised staff and more automatic teller machines. There is a branch network of 2,800, wit the staff in these branches including more that 8,100 register representatives to help with
different financial advice (First Union, 2002). There are also 4,600 teller machines avaible for customer use. These branch network will see more
closures, this is aimed at where there are branches that are within a mile location of each other, this will also mean redundancies, however these are aimed at being
kept to a minimum. These is likely to amount to between 350 - 4-00 branches following the merger which took place in the autumn of 201(Anonymous, 2001).
There were also the requirements that fifty of the branches of the merged company were required to be sold under the US antitrust laws (Anonymous,