Wachovia wealth unit could move to New York
Wachovia Wealth Management, based in Winston-Salem, North Carolina, may move headquarters to New York or Charlotte, North Carolina, as part of its integration with US banking giant Citi.
Yesterday Citi acquired Wachovia's operations for $2.1bn in an all-stock government-brokered buyout.
An announcement from Wachovia yesterday said Citi will base the retail bank in Charlotte and the investment bank in New York, but it did not confirm whether there would be a change in the location of wealth management operations.
Wachovia Wealth currently employs 600 people locally in Winston Salem and in total the bank employs 3,800 staff in the city . Local politicians are concerned the Citi acquisition will prompt job losses and are petitioning to keep the wealth unit in the city.
Winston-Salem's mayor and chamber of commerce say they will try to persuade Citi to allow the group to remain headquartered in the city, according to local press.
Wachovia Wealth Management has been based in Winston-Salem since the 2001 merger of Wachovia and First Union.
Wachovia is keeping control of its securities division and Evergreen Asset Management.
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