A.G. Edwards | St. Louis Public Radio

A.G. Edwards

This article first appeared in the St. Louis Beacon: July 22, 2008 - The beleaguered banking giant Wachovia Corp. cut its dividend to near invisibility Tuesday as it posted a record second-quarter loss and said it would fire 6,350 workers. It also will eliminate 4,400 open positions and contractors. However, thanks in part to its acquisition of A.G. Edwards last year, one of the bright spots in Wachovia's financial picture was its brokerage business.

Missouri Secretary of State Robin Carnahan says brokerage firm A.G. Edwards has reached a $755,000 settlement with the state of Missouri.

Carnahan said Tuesday in a release that the settlement ends an investigation that resulted from a complaint by an 81-year-old southwest Missouri investor. Carnahan said the consent order stemmed from her investigation that found the firm sold annuities to elderly customers without proper documentation.

This post first appeared in the St. Louis Beacon: July 31, 2008 - Although a new TV ad is a warning against rapid-fire stock trading, a few analysts say this might be a money-raising strategy for Wachovia Corp. They suggest it could sell its brokerage business, Wachovia Securities, which acquired A.G. Edwards in October.

Wachovia says it’s keeping the St. Louis-based brokerage; but that hasn’t stopped RBC Capital Markets and Sanford C. Bernstein & Co. from saying a sale would help repair some damage caused by its mortgage-lending.

Securities inspectors demand answers from Wachovia

Jul 17, 2008

This article first appeared in the St. Louis Beacon: July 17, 2008 - The last thing investors in Wachovia Corp. need is more bad news, given that the giant bank recently replaced its CEO and warned that second-quarter results would be dreadful.

Unfortunately, they got extra bad news Thursday as officers of the Missouri secretary of state inspected the St. Louis headquarters of its Wachovia Securities brokerage unit. The headquarters once belonged to A.G. Edwards, which was acquired by Wachovia last year.

This article first appeared in the St. Louis Beacon: July 8, 2008 - It's something like an announcement of the engagement of two distant cousins, this news of Wachovia Securities' financial support of the St. Louis Symphony.

Both parties enjoy prominent positions in the St. Louis commercial, cultural and social scenes. Their ancestors established deep and consequential roots in the life of the community and have added, in various ways, to the wealth and well-being of the region.

This article first appeared in the St. Louis Beacon: Wachovia Corp. spent $6.9 billion to acquire A.G. Edwards; and the last thing the banking giant wants is a mass defection of brokers, who have rated higher on some customer satisfaction and broker satisfaction surveys than do Wachovia brokers.

"Whenever you buy a brokerage business, it's difficult to keep all the brokers," says Jaime Peters, who tracks big banks for the independent financial research firm Morningstar. She and other analysts note that A.G. Edwards' broker turnover rate over the years has been one of the lowest in the industry.

This article first appeared in the St. Louis Beacon: There's more than a little irony that Wachovia Corp. announced its bid for A.G. Edwards around Memorial Day last year.

The acquisition marked the passing of another St. Louis headquarters and signaled the inevitable loss of jobs when two companies mate in the name of synergy.