Wachovia Securities Making Major Job Cuts

August 28, 2007

About 2,000 people working for Wachovia Securities in Richmond are losing their jobs.

The company is merging with A.G. Edwards and moving nearly all of the operations to St. Louis. Employees learned about the job cuts on Monday.

Tony Mattera, a spokesman for the company says that about 100 workers and 75 support staff members will stay in Richmond, as well as 400 people in technology and operations.

All other functions, including marketing, compliance, legal, communications and human resources, will be in St. Louis.

The 6.8 billion-dollar deal, announced in May, is expected to close in the fourth quarter. It would create the second-largest U.S. brokerage after Merrill Lynch.

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