Other A.G. Edwards businesses – including research, underwriting and investment banking, mutual funds and trust – will be consolidated into the appropriate Wachovia lines of business, the announcement said.
The transaction is expected to close in the fourth quarter of 2007, and full integration is expected by the first quarter of 2009. After the acquisition Wachovia will be the second-largest American retail brokerage by number of brokers, after Merrill Lynch & Co. Inc., and Wachovia Securities will be the third-largest brokerage by assets and number of branches.
Daniel J. Ludeman, currently president and CEO of Wachovia Securities, will keep those roles at the combined brokerage firm. A.G. Edwards Chairman and CEO Robert Bagby will be Chairman of the brokerage firm.