Wachovia Faces Probes on 2 Fronts
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Wachovia Corp., the No. 4 U.S. bank, said its retail brokerage was being investigated over payments from mutual fund companies, and its broker-dealer unit might face charges over alleged conflicts between stock research and investment banking.
The Charlotte, N.C.-based company said the Securities and Exchange Commission was investigating how well the brokerage, Wachovia Securities, disclosed revenue-sharing arrangements with fund companies.
Separately, Wachovia said “various regulators” were probing the broker-dealer unit, Wachovia Capital Markets, over alleged conflicts of interest between its equity research and investment banking departments. It said it was in talks to resolve the probes.
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