A comparison of Wachovia and Citigroup

Following is a comparison of the operations of Wachovia Corp. and Citigroup Inc.:

Charlotte-based Wachovia Corp. is the fourth-largest bank holding company in the United States, with 3,300 branches in 21 states. As of June 30, the company had assets of $812.4 billion and deposits of $447.8 billion.

The company (NYSE:WB) provides commercial- and retail-banking services. It also markets corporate lending and commercial-leasing services as well as investment banking and wealth management.

Wachovia’s stock, which has traded between $7.80 and $52.25 per share over the last year, closed at $10 per share Friday afternoon, down from Thursday’s closing price of $13.70 per share. The New York Stock Exchange did not open Wachovia shares for trading Monday morning.

At the end of the second quarter, Wachovia had 119,952 employees.

The company is selling three of its four main business segments to Citigroup for $2.1 billion. Wachovia will be left with its capital management business, which includes Wachovia Securities; its retail brokerage unit based in St. Louis; and Evergreen, the comany’s asset-management business. Evergreen is headquartered in Boston and Charlotte and splits its employees between the two cities. Wachovia Securities and Evergreen accounted for 29,680 employees at the end of the second quarter.

Here’s the breakdown of Wachovia’s work force by business line:

•General bank: 54,415

•Wealth management: 4,665

•Corporate and investment bank: 6,394

•Capital management: 29,680

New York-based Citigroup Inc. was formed in the 1998 merger of Citicorp and Travelers Group. The company operates in four major segments: consumer banking, global cards, institutional clients and global wealth management.

Citigroup has about 200 million customer accounts and does business in more than 100 countries.

The company’s stock has traded between $12.85 and $48.95 over the last year. It closed Friday at $20.15 per share.

Citigroup (NYSE:C) has a market capitalization of $109.7 billion and operates more than 8,500 branches. It has 374,000 employees and assets of $2.2 trillion.

The company’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex and Nikko.

Citigroup’s history dates to 1812.

http://www.bizjournals.com/stlouis/stories/2008/09/29/daily8.html