Wachovia Securities to Create More Than 1,000 New Jobs in Greater Richmond

RICHMOND - Governor Mark R. Warner today announced that Wachovia Securities LLC has confirmed it will expand its Virginia-based headquarters. Through more than an $8.3-million investment, the company will ultimately create more than 1,000 new jobs in the Greater Richmond Region. The expansion is the result of the July 1, 2003 combination of Wachovia Securities and Prudential Securities. Virginia successfully competed with other states for the project.

“Virginia is an established financial services center and a natural choice for this Wachovia Securities expansion,” said Governor Warner. “The Commonwealth is home to more than 3,600 financial services companies that employ nearly 135,000 Virginians. Virginia’s aggressive recruitment effort and Wachovia Securities’ positive experience in the Commonwealth made this happen. I know in my conversations with Wachovia Securities’ CEO Danny Ludeman throughout the negotiation process we were all working hard to keep a good thing going in Virginia.”

The two-tiered economic development project will allow Wachovia Securities to add up to 470 new jobs and invest $5.9 million in its operations in the City of Richmond. In Henrico County, the company will bring up to 730 new jobs and a $2.4-million investment.

“I am absolutely delighted that we will be building on our long and illustrious history in Virginia,” said Danny Ludeman, President and CEO of Wachovia Securities, LLC. “With roots in Richmond since 1934, Wachovia Securities has enjoyed the benefits of the supportive business environment and ample talent pool that exists in the Richmond area. Looking ahead, Wachovia Securities is committed to attracting and retaining the most talented and diverse workforce in the financial services industry. The Richmond area’s sense of community, large and affordable housing stock and natural attractions are very important to our ability to attract individuals whose energy and ideas will drive Wachovia Securities’ growth in the years ahead. I am grateful for the role that leaders like Governor Warner played in helping us secure our future here.”
Governor Warner approved a $1 million grant from the Governor’s Opportunity Fund to support the City of Richmond and Henrico County with this regional project. Each locality is required to match the grant by contributing $500,000 to the project. The Governor will also submit legislation to the upcoming session of the General Assembly to establish the Virginia Economic Development Incentive Fund (VEDIF), a self-funded program of performance-based incentives that will serve as a new tool to help the Commonwealth win exceptional economic development projects with a high return on investment, such as Wachovia Securities’ headquarters expansion. The Virginia Economic Development Partnership, the Greater Richmond Partnership, the City of Richmond and Henrico County assisted Wachovia Securities with its decision. The Virginia Department of Business Assistance will provide workforce training services.

“The City of Richmond is proud to see one of its greatest corporate citizens grow here at home,” said Richmond Mayor Rudolph C. McCollum Jr. “Wachovia Securities is an essential component of the energy and momentum that is leading Richmond’s world-class business community into the future.”

“We are absolutely delighted with the decision by Wachovia Securities to expand their operations in Henrico County,” said Henrico County Board of Supervisors Chairman David A. Kaechele. “Wachovia is clearly one of America’s most exciting financial services companies and we are proud to have them in our community.”

Richmond-based Wachovia Securities, LLC was created through the July 1, 2003 combination of Wachovia Securities and Prudential Securities. The firm is now the third largest full service retail brokerage firm in the U.S. with client assets of $569 billion. The firm’s 11,500 advisors serve clients through some 3,300 locations in 48 states and District of Columbia.