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Other ratings that reflect well on Wachovia's success include being named the best performing stock in 2002 among the top 50 U.S. banks and among global financial service companies (Wachovia.com). In November of 2002, Moody's Investor Service upgraded Wachovia's debt rating to double A3 (Wachovia.com). On the inside, voluntary employee attrition levels show a continuous improvement since their merger with First Union bank which can be a reflection of their success in integrating their newly merged employees and creating a positive working environment (thevault.com). Wachovia's public image is reinforced through their generous contributions, with more than $85 million given to charitable organizations, and an additional $19 billion to community development loans and investments (Wachovia.com).
The acquisition of other companies is one of the primary methods that Wachovia has used to grow its numbers and can be considered a strength in regard to how these mergers have expanded the company's reach into the banking and securities markets. Among its most recent mergers were First Union in September of 2001 which added to Wachovia's banking customer base. The acquisition of Prudential Securities in July of 2003 has given Wachovia a significantly increased presence in the Securities market, which now ranks third in terms of client assets and number of brokers (Wachovia.com). In addition, the merger with Prudential has made Wachovia Securities the 12th largest mutual fund company by assets (Gaffen, 2003). Wachovia's size allows it to be more competitive with larger banking companies, like Bank of America and Bank One, and expand its product line.
Weaknesses.
While Wachovia does show some positive strengths in its organization, it also has some weaknesses. The company's rapid growth through acquisition has created a total of more than 87,000 employees under the Wachovia name. There are several challenges that come with expanding a corporation which take time to address and correct.
