Former Commerce Capital Markets CEO Joins Wachovia Wealth Management

CHARLOTTE, N.C.—Wachovia, the fifth-largest U.S. wealth manager, has named Stan Gregor, an executive with more than 20 years of experience in banking, wealth management, asset management, investment banking, trust and brokerage services, president of its Wealth Markets division in Wachovia Wealth Management. He will lead the group serving the market niche focusing on clients with $10 million in net worth and/or $5 million to $50 million in investable assets. The focus on higher net worth clients follows on the heels of Wachovia’s recent announcement that its new Wealth Management Private Banking group will be dedicated to clients with $250,000 to $5 million.


Gregor comes to Wachovia from Commerce Bancorp, where he served the past two years as president and chief executive officer of Commerce Capital Markets Inc. In that position, he led wealth management, institutional trading and sales, structured finance, investment banking, derivatives, trust services, brokerage and asset management. While at Commerce, Gregor was instrumental in the acquisition of Starboard Financial and eMoney Advisor.

Before joining Commerce in 2005, Gregor was president and CEO of Bank of America/Fleet Boston’s Brokerage and Wealth Management Division, Quick & Reilly. During his tenure, Gregor transformed Quick & Reilly from a discount broker to a full-service financial services company. For most of his career, Gregor has worked in New York, including nine years with Citigroup, where he held several key executive leadership positions and ultimately became Northeast Investment Executive Vice President.

Gregor will be based in Charlotte, reporting to Stan Kelly, president of Wachovia Wealth Management. He will lead 28 regional teams from Boston to Miami and west to Texas. These relationship teams will work closely with other Wachovia wealth advisors to deliver credit, personal trust, investment advisory services, charitable services and insurance brokerage to high net worth clients, their families and businesses. He succeeds Linda Bowden, who retired June 30.

Gregor also is responsible for the financial planning group, one of the largest intra-company financial planning groups in the wealth industry today. Financial Planning has more than 100 professionals located in regions across the Wachovia franchise.

“Stan Gregor’s multifaceted career and dynamic leadership will serve us well as we aggressively expand our Wealth Management business,” Kelly said. “We have honed our wealth management platform to reach a new high in client loyalty and are eager to embrace new clients and deepen our relationship with existing ones.”

Growth in the number of U.S. households with $250,000 to $5 million in investable assets is projected to increase 30 percent from 14 million in 2005 to 18 million by 2010. The number of households with $5 million or more in investable assets is projected to increase 55 percent from 190,000 in 2005 to 294,000 in 2010.

“Wachovia has one of the most comprehensive and client focused wealth management platforms within our industry. The mutual inclusive focus on providing the advisors and their clients with some of the best solutions gives us a significant advantage,” Gregor said. “With the backing of the nation’s fourth-largest bank behind us and Wachovia’s leading reputation in customer service, we have a tremendous opportunity to win new market share and serve our high-net-worth client with excellence. I’m very excited to lead this business.”

Wachovia’s family office, Calibre, will focus on clients with $50 million or more, up from $25 million. Existing clients of Calibre and Wachovia Wealth Management will not be impacted by the changes in threshold for each division; they will continue to be served as they are today.

ABOUT WACHOVIA
Wachovia Corporation (NYSE:WB) is the 5th largest wealth manager in the country, according to Barron’s 2006 ranking of U.S. Wealth Managers. Wachovia is one of the nation’s largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers.

Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $795 billion in client assets through approximately 10,800 registered representatives in 774 offices in 48 states and through service affiliate offices in Latin America. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.

In May 2007, Wachovia announced an agreement to acquire A.G. Edwards, Inc., a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its affiliates employ 6,623 financial consultants in 741 offices nationwide and two European locations in London and Geneva. This proposed acquisition is expected to be completed in the fourth quarter of 2007, pending the approval of A.G. Edwards shareholders and applicable regulatory approvals.