In his new role, Smith will focus on strategy, business leadership and client relationship development for state, local and municipal governments, non-profit institutions and not-for-profit healthcare firms that are served in the Wachovia General Bank. He also will share leadership of the Municipal Products business in Wachovia's Corporate and Investment Bank with Robin Sheth.
Smith will report to Carlos Evans, head of Wholesale Banking, and Thold Gill, head of Global Rates. "Phil brings extensive industry experience, strong business development skills and demonstrated leadership to this position," Evans said. "We are excited about this strategic move, which reflects the importance of the government and institutional segment to our growth plans."
Smith joins Wachovia from Bank of America, where he was head of the Public Finance division. In his 20 years with Bank of America, Smith served in a variety of leadership roles, including head of governmental banking and investment banking, as well as head of trading, underwriting and sales. Smith is a past vice chairman of the Municipal Securities Rulemaking Board. Prior to his banking career, he was a captain in the Unites States Army.
"Phil is the ideal person to leverage our strength in core banking for governments and institutions, and our formidable municipal finance capabilities, to create a holistic approach to this segment that is greater than the sum of its parts," said Gill. "We are looking forward to Phil's contribution to our team, and to Wachovia as a whole, as we accelerate our momentum in this sector."
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $808.9 billion and market capitalization of $53.8 billion at March 31, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.1 trillion in client assets through 18,600 registered representatives in 1,500 offices nationwide.
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