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Published 18.07.2015 | Author : admin | Category : Things Guys Love

Wachovia Securities, which already has its headquarters and 1,700 employees in Richmond (pictured), is adding 1,200 more workers in the wake of its merger with Prudential Securities.
The competition for post-merger expansion made up a veritable Battle of the Heavyweight Headquarters, Wachovia Securities President and CEO Daniel J. Even so, the expansion announcement ends months of nervous speculation over the fallout from Wachovia's retail brokerage merger with New York City-based Prudential Securities. To cut costs, they said, Wachovia Securities LLC would eliminate 1,700 of the two groups' combined 19,000 positions.
The city was designated as the merged organization's headquarters when the deal was first announced. Wachovia Securities' selection of the Virginia city will largely consolidate both the merged organization's back-office and headquarters functions. The company currently has some 700 employees at its riverfront headquarters in downtown Richmond, plus 1,000 more workers in three other offices in Henrico County.


Thus far, Wachovia Securities has only announced a modest $8.3-million capital investment in the expansion.
Wachovia Securities will add up to 730 more jobs at its other Henrico County offices, allocating $2.4 million in capital expenditures. The Old Dominion State is home to more than 3,600 companies in that sector, which employ some 135,000 residents.
The company will receive as much as $8.7 million in city, county and state incentives, announced Warner, who was heavily involved in recruiting the project.
His proposed bill would require expanding firms to create at least 400 jobs that pay salaries at least 1.5 times higher than the region's average. Soon after, Richmond-based Wachovia officials speculated that the new corporate combination would add hundreds of local jobs. Some of Prudential's New York-based employees will now be offered transfers, a Wachovia Securities spokesman said.


It will use its existing office space to house the jobs that are added over the next year, officials said. Wachovia hasn't yet determined whether it will eventually need to add new space to accommodate the full complement of additional jobs. Wachovia Securities only receives those incentives, though, if it adds at least 1,000 jobs and invests $8.3 million in the Richmond area, they added.



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