Robert Steel, former CEO of Wachovia, along with fellow colleauge Peter Weinberg and others from Goldman Sachs, sold Wachovia to Wells Fargo for pennies for a $50 million payout..
"Wachovia completes A.G. Edwards deal"
"Wachovia Securities has completed its $6.8 billion purchase of A.G. Edwards Inc.
...The Wachovia Securities trade name will be introduced across the combined firm in 2008.
The merger integration is slated for completion in early 2009.
...Robert Bagby, chief executive of A.G. Edwards, is chairman of the merged firm.
The acquisition of the120-year-old St. Louis-based brokerage creates a securities firm with $1.1 trillion in client assets, nearly 15,000 brokers and 1,500 retail-brokerage offices.
The merged company is expected to benefit from significant savings on annual expenses, estimated at $395 million after taxes by 2009, Wachovia Securities says.
The combined firm will be based in St. Louis.
Wachovia Securities is a division of Charlotte-based Wachovia Corp. (NYSE: WB)."