Wachovia move forces Prudential verdict on venture
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Prudential Securities Inc. , the second largest U.S. life insurer, has a decision to make in 20 days: what to do about its 38 percent stake in its joint brokerage venture with Wachovia Corp. .
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Merrill Lynch & Co.'s  Chief  Executive Stan O'Neal broached the idea of merging with  Wachovia Corp.  without first getting board approval,  angering some members so much that they considered replacements  for O'Neal, the New York Times reported on Friday.
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Prudential Plc, Britain&#39;s No. 2 insurer, plans to raise 1 billion pounds ($1.8 billion) by selling new stock to help fund a UK expansion and comply with European rules on capital reserves.
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Wachovia Corp.&#39;s  deal to buy  A.G. Edwards Inc.  for $6.8 billion has put other  independent brokerages in focus for possible takeovers.
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Wachovia, the nationâs fourth-largest bank, said it would take write-downs of more than $1 billion for commercial loans.
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Wachovia is working on a project of staggering scope:&#160;a 3-D map of the firm&#39;s datacenter operations.The effort has been underway for about eight months, said Jacob Hall, a Wachovia vice president and head of the company&#39;s platform design and datacenter, technology products group.To generate the 3-D models, the financial services company is using geospatial data and also partnering with a pair of vendors, Tideway Systems and Intepoint, as well as the University of North Carolina-Charlotte, which has a visualization center.Tideway makes Foundation, a tool for mapping dependencies among applications and hardware, and this week released version 7.0 of the product. Intepoint&#39;s focus is on visualization and event simulation for IT systems.Right now, Wachovia is rendering 3-D models down to the level of individual servers in buildings, Hall said. Given enough data, the system could eventually generate even more detailed models, according to Hall.Wachovia hopes the project will provide better visualization of IT assets, their power consumption, and other details; the ability to identify &quot;critical nodes&quot; in the network; and the means to predict the business impact of various scenarios, such as a power outage in a city.The company also hopes the 3-D maps will help them run a&#160;greener IT department. &quot;This gives us the facts to go out and rearchitect our systems,&quot; Hall said.However, Wachovia is not collecting data in real time. That is largely unnecessary, Hall said. &quot;It would create too much traffic, and people would just try to shut it off. I think static snapshots are good enough.&quot; One future possibility could be to provide real-time data on demand, he said.Hall said there are plans to make the tool Web-based, allowing for integrations with other data types, such as IT trouble ticket information.Drue Reeves, vice president and director of datacenter strategies with Burton Group, said the value of modeling datacenters in 3-D form probably depends on an organization&#39;s size. &quot;I think it&#39;s for the larger enterprises. For the guys who have NOCs [network operations centers], it&#39;d be very useful. But I do wonder if it would be a little pricey for the average SMB,&quot; he said.Ultimately, Reeves noted, Wachovia&#39;s effort involves system visualization, not the actual instrumentation of IT devices: &quot;It&#39;s more for the person than the machine.&quot; But IT departments should consider any means that could help them run their operations more efficiently, he stressed.
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In yet another concrete sign of trouble in the commercial real estate market, Wachovia, the nationâs fourth-largest bank, announced on Tuesday that it would be taking write-downs of more than $1 billion for commercial loans for the second half of last year. That sum includes $488 million in previously disclosed write-downs for the third quarter.
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Wachovia Corp  on Friday posted  a 10 percent decline in quarterly profit, missing forecasts, as  the fourth-largest U.S. bank suffered $1.3 billion of  write-downs at its investment banking unit.
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Wachovia Corp  posted on Friday a 10 percent decline in third-quarter profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs resulting from credit market turmoil.
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The offshore insurer opportunistically moves in and out of insurance lines to grow the business.
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The company has earned its nosebleed valuation.
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Bank of America Corp  and  Wachovia Corp , the second- and fourth-largest U.S.  banks, on Tuesday said quarterly profits were nearly wiped out  by more than $10 billion of credit losses and write-downs.
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Shareholders of Wachovia Corp. and SouthTrust Corp. overwhelmingly approved a $14.3 billion deal for Wachovia to acquire the Alabama-based bank on Thursday.
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Executives say the company's stake in the wireless provider caused losses, but they're confident in the venture's promise.
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Wachovia has completed a merger with SouthTrust Corporation to create a banking network that reaches from Connecticut to Texas with 14 (M) million customers.
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Wachovia Corp. , the No. 4 U.S. bank, on Monday said it completed its $24 billion takeover of Golden West Financial Corp., the second-largest U.S. savings and loan.
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The decision demonstrates a renewed emphasis on Morgan Stanleyâs core trading and investment banking business.