David Trotter Named Treasury Services Head

CHARLOTTE, N.C., June 28 /PRNewswire-FirstCall/ -- Wachovia Corp. announced today that David Trotter has been named head of its Treasury Services division, the nation's third-largest provider of cash management services. In this role, Trotter will report directly to Steve Cummings, head of the Corporate and Investment Bank (CIB) and serve on the Executive Committee.

Trotter has been a leader within Treasury Services for three years, most recently serving as head of Wholesale Client Management. In this role, Trotter achieved outstanding year-over-year growth in new sales and improved customer satisfaction, while instituting a high-performance team culture with a focus on diversity, employee engagement and leadership development.

"The Treasury Services division has shown significant growth in recent years -- becoming a market leader and receiving industry acclaim for top-rated customer satisfaction," said Cummings. "David has played a significant leadership role in helping to achieve that success, and I am very pleased that he will be at the helm to build on this momentum."

Wachovia's Treasury Services division -- which serves nearly 70,000 corporate, wholesale and small business clients -- last year comprised 13 percent of Wachovia's total net income and is supported by nearly 10,000 Wachovia associates across the bank's platform.

Prior to joining Treasury Services, Trotter accumulated nearly 20 years of corporate banking experience, including relationship management, investment banking and leadership of Wachovia's Commercial Strategies group. He holds a bachelor's degree in economics from Hampden-Sydney College and a master's degree in Business Administration from the University of Michigan with an emphasis in finance.

About Wachovia Treasury Services

As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 22 out of 23 of Wachovia's treasury services product categories were ranked "A" or "A+" by upper-middle customers and 21 out of 23 of Wachovia's treasury services product categories were ranked "A" or "A+" by large corporate customers. In the middle market survey, 21 out of 26 product categories were ranked "A" or "A+" by those surveyed. Additionally, nine of the bank's key treasury product capabilities are ranked in the top five for market share in Ernst & Young's 2005 survey. Wachovia's Information and Access product, Wachovia Connection(r), ranked first in that survey for the highest number of Information Reporting Internet Accounts. Also, the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 1 for "Quality of Cash Management Specialists" and Number 2 for "Operational Quality" and "Quality/Timely Implementations."

About Wachovia

Wachovia Corporation is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has 3,400 retail banking offices in 21 states from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 768 offices in 48 states and service affiliate offices in Latin America, and corporate and investment banking serving clients in selected corporate and institutional sectors globally. Other nationwide businesses include mortgage lending in all 50 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com. At March 31, 2007, Wachovia had assets of $706.4 billion and market capitalization of $105.3 billion.