ZIFFPAGE TITLEWachovia Base Case

By Mel Duvall  |  Posted 2005-01-13 Print this article Print

First Union was a star at sales, but not customer service. Wachovia excelled at service, but sales lagged. Could technology make the merged bank better at both?

Wachovia Base Case

1 Wachovia Center,
Charlotte, NC 28288

Phone: (704) 374-6565

Business: Fourth-largest bank in the U.S., based on assets. Third-largest full-service brokerage, based on assets.

VP, Compensation and Incentive Management: Terrance Gilbert

Financials in 2004 (first nine months): Profit of $3.8 billion on revenue of $16.8 billion.

Challenges: To increase sales productivity of Wachovia branches, and raise customer service ratings at former First Union branches to Wachovia levels.

Baseline Goals:

  • Raise loan sales at Wachovia branches to $2 million a quarter, from $500,000.
  • Achieve customer service ratings in every branch of 6.5 or better, from 6.29 in 2001.
  • Lower customer turnover to 10% a year, from 20% in 1999.

Contributing Editor
Mel Duvall is a veteran business and technology journalist, having written for a variety of daily newspapers and magazines for 17 years. Most recently he was the Business Commerce Editor for Interactive Week, and previously served as a senior business writer for The Financial Post.


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