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Wachovia: Best Incentives
By Mel Duvall
2005-01-13
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Wachovia: Best Incentives - 'ZIFFPAGE TITLEWachovia Base Case ' (
Page 4 of 4 )  Wachovia Base Case
Headquarters:
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.
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