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Wachovia: Banks
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Mason, the Bernstein analyst, said if Wachovia writes down $1.5 billion of CMBS, its tier-1 capital level could fall to about 6.75 percent at year end. That's below the tier-1 level of struggling Citigroup Inc (C.N: Quote, Profile, Research), and close to the 6 percent that regulators say signifies a "well-capitalized" bank.
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Wachovia's next step in its customer intelligence initiative is to define customer equity รข€“ a lifetime measurement of how much value each customer brings to the bank, and more importantly, how Wachovia can improve each customer's value. To accomplish this plan, Wachovia is depending on SAS to assist in the complex analysis and data management.
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Keefe comes to Wachovia from Deutsche Bank, where he most recently served as director of Distressed Research in the firm's Global Distressed Trading Group. Prior to that, he was a principal at Blackstone Distressed Securities Advisors, where he helped to launch the company's first hedge fund, which focused on distressed securities in the United States and Europe. Previously, he worked in the Fixed Income Research group of MFS Investment Management and was a vice president in Merrill Lynch's Global Distressed Trading Group. Keefe began his career at Moody's Investors Service and is a graduate of Manhattanville College in Purchase, N.Y.
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Wachovia consistently outscores its peers in the esteemed Customer Satisfaction Index compiled annually by the University of Michigan. And according to Gallup surveys, more than half of Wachovia's customers would gladly recommend the bank to a friend.
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Wachovia has earned an "Outstanding" Community Reinvestment Act (CRA) rating, the highest possible, from the Office of the Comptroller of the Currency (OCC). Only 16 percent of banks regulated by the OCC achieve the "Outstanding" rating.
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Last week the Federal Reserve Board filed a 59-page brief in the Second Circuit Court of Appeals, continuing it defend its withholding of information about assistance to subprime lenders provided by Wachovia. The Fed continues to argue, as Wachovia did, that it can withhold the names of subprime lenders with which an applicant bank does business, even if these business connections and names are required to be public in SEC filings, as long as the requester doesn't read the Board's mind and name the precise names, without having seen them. Equally to blame is Wachovia, which demanded confidential treatment for information that several of its peers release to the public. Inner City Press / Fair Finance Watch has just released a study of the new 2005 Home Mortgage Disclosure Act data, including a first cut at Wachovia's (which was received on April 8), click here for more.
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