Wachovia to Acquire Prudential Retail Unit
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Wachovia Corp., as expected, agreed to acquire Prudential Financial Inc.’s brokerage for individual investors to create the third-biggest U.S. broker by assets.
Wachovia said it would cut 1,750 jobs and close 131 offices by 2005 as it combines its retail brokerage and clearing businesses with Prudential’s.
No cash would exchange hands in the deal creating the new firm, Wachovia Securities, which would have $537 billion in assets and be based in Richmond, Va. The merger is expected to close in the third quarter, the companies said.
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