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 CHARLOTTE, N.C (AP) - A little more than a year after acquiring one of the nation's top mortgage lenders, Wachovia said Thursday it would buy A.G. Edwards for $6.8 billion in a deal that will create the nation's second-largest retail brokerage.
It's the latest in a spree of buying by Wachovia and retail banking rival Bank of America as they seek to expand their financial service businesses and add customers for a broad range of products, from traditional deposit accounts to home and auto loans to wealth management.
"It's not surprising that the industry is ripe for this consolidation," said Michael Poulos, managing director and head of North American retail and business banking at consulting firm Oliver Wyman. "This essentially gives Wachovia more access."
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