The Wachovia's Financial Crisis
Abstract
In recent months many corporations have been to make major cutbacks, change the operating polices, and some have been forced to close their doors for good as a result of many financial and economic disasters that occurred in the proceeding years. While news has been made about corporations such as Circuit City and Linen ‘n Things filing for chapter 7 bankruptcy some of the most unexpected financial crisis have come major financial instiutions such as Wachovia. As a result these corporations have been forced to merge, plead for government assistance, ans possibly close their doors for good. IN this paper we’re going to discuss the financial criis that Wachovia experienced in 2008 and some possibilities they may need to look into. …show more content…
Their corporate governance is comprised of relationship managers, business leaders, and their real estate and procurement staff. Their efforts are brought together to implement a service to our community including recycling and carpooling, Wachovia refers to this program as their Environmental Stewardship. The leadership of the stewardship is very hierarchical. Starting from the top of the firm with executive oversight by the operating committee; the operating committee is responsible for drafting and maintaining the environmental strategy. Then it gets passed down the environment Stewardship Working Group. This group includes the senior leaders from different service areas and offices within Wachovia. Their primary duty is to spearhead both the development and implementation of the environmental goals and initiatives. This group also meets regularly to discuss their strategies and game plans. Then the ball is passed on to the environmental affairs. The environmental affairs group consists of two people, Patrick Mumford and Daria Milburn. It is the duty of the environmental affairs group to manage the environmental strategy implemented by the environmental stewardships working group on a day-to-day basis.
Chronology timeline One of the major cause for scare to the financial crisis was the rapid manner of when it all occurred. It seemed that almost over night many of the financial giants were in grave danger of closing their doors fro good. Wachovia, the nation’s fourth largest financial servicing bank was no exception:
• June 2007 – Two Bear Sterns are required to dump assets due to major losses. This impacts many of the larger financial firms including JPMorgan, Chase, Merill Lynch, and
In recent months many corporations have been to make major cutbacks, change the operating polices, and some have been forced to close their doors for good as a result of many financial and economic disasters that occurred in the proceeding years. While news has been made about corporations such as Circuit City and Linen ‘n Things filing for chapter 7 bankruptcy some of the most unexpected financial crisis have come major financial instiutions such as Wachovia. As a result these corporations have been forced to merge, plead for government assistance, ans possibly close their doors for good. IN this paper we’re going to discuss the financial criis that Wachovia experienced in 2008 and some possibilities they may need to look into. …show more content…
Their corporate governance is comprised of relationship managers, business leaders, and their real estate and procurement staff. Their efforts are brought together to implement a service to our community including recycling and carpooling, Wachovia refers to this program as their Environmental Stewardship. The leadership of the stewardship is very hierarchical. Starting from the top of the firm with executive oversight by the operating committee; the operating committee is responsible for drafting and maintaining the environmental strategy. Then it gets passed down the environment Stewardship Working Group. This group includes the senior leaders from different service areas and offices within Wachovia. Their primary duty is to spearhead both the development and implementation of the environmental goals and initiatives. This group also meets regularly to discuss their strategies and game plans. Then the ball is passed on to the environmental affairs. The environmental affairs group consists of two people, Patrick Mumford and Daria Milburn. It is the duty of the environmental affairs group to manage the environmental strategy implemented by the environmental stewardships working group on a day-to-day basis.
Chronology timeline One of the major cause for scare to the financial crisis was the rapid manner of when it all occurred. It seemed that almost over night many of the financial giants were in grave danger of closing their doors fro good. Wachovia, the nation’s fourth largest financial servicing bank was no exception:
• June 2007 – Two Bear Sterns are required to dump assets due to major losses. This impacts many of the larger financial firms including JPMorgan, Chase, Merill Lynch, and