Wachovia Corp. is continuing to restructure its corporate and investment bank, announcing Monday that it is combining its mergers and acquisitions business with the group that serves large corporate clients.
Elise Wilkerson, a spokeswoman for the $808 billion-asset Charlotte company, said the new group will be run by Jonathan Weiss, who was the head of investment banking, and Robert Engel, who had run the M&A group. Both report to Benjamin Williams, the head of global markets and investment banking. She said the change was designed to "strengthen" Wachovia's ability to serve corporate clients. Capital markets functions were handled by the equities group, which continues to operate under Quentin Stevens, Ms. Wilkerson said. The equities group will still handle sales and trading, equities, structured products, and proprietary trading.
Wachovia is also retooling the real estate group in its corporate and investment bank after naming Robert Reid to lead it in March. Ms. Wilkerson said Wachovia is still seeking a permanent successor to Curtis Alredge, who left this year as head of the fixed-income group. Mr. Williams is fixed-income's interim leader. The moves do not include announcements of new job cuts, Ms. Wilkerson said. Wachovia said last month that it would cut 500 jobs in the corporate and investment bank this quarter. Meanwhile, it has gradually retreated from the collateralized loan obligation and asset-backed collateralized debt obligation businesses in recent months.
Wachovia also said Monday that it had hired a former Bank of America Corp. executive to lead its government and institutional banking business, a new position. Phil Smith is to report to Carlos Evans, the head of wholesale banking. Mr. Smith, who joined Monday, was also named a co-head of municipal products, sharing responsibilities with Robin Sheth and reporting to Thold Gill, the head of global rates. Mr. Smith previously was the head of public finance at B of A.
