The recent upheaval in the financial sector may have taken attention away from Charlotte's other large banking company, but against a backdrop of drastic new scenarios for some of its financial peers, analysts who follow Wachovia Corp. have even more to consider as they think through potential endgame scenarios for the $812 billion-asset company.

Wachovia's exposure to deteriorating mortgages and credit hits in its investment bank have been well documented, but the company has strong points, too: a relatively sound retail bank, a brokerage unit that has bulked up with two sizable acquisitions, and a well regarded if not very large wealth management business.

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