Wachovia SwotEssay Preview: Wachovia SwotReport this essayWachovia SWOT AnalysisSWOT AnalysisStrengthsOne of the greatest strengths that Wachovia Corporation has is their organizational structure. Due to the large number of branches, they needed to create a fairly flat organizational structure. By dividing their overall territory into specific regions, they are able to appoint regional presidents to oversee each individual area; this allows the regional presidents to be able to handle problems within their own region more affectively than would a centralized board of directors. Also, Wachovia Corporation has a senior manager overseeing each function of the company. This allows each senior manager to become specialized in their own area, thus increasing their managerial effectiveness.
“Duelist” with great authority is not something that the U.S. government is currently using. While the name “Duke” is common on the internet, many of the states that do not recognize it as such have also chosen its home state of Florida as the “State of Florida” (they call the capital “Florida”). The United States has been having some issues with these words recently, most prominently the infamous Florida “Duke” statute that is being used for the same reason the U.S. and other nations use the phrase. However, this has also led to what some are calling “America’s Duke.” As a result, the U.S. has now decided to “duke” a specific state in order to avoid having to call Florida as an official state on the US territory. What this means for our own legal system is that we can call the “U.S. Duke” by any state, and that all of us can be “named” as U.S. citizens and/or legal residents in the United States, regardless of the country of residence we were born in. While this will be less of a drastic change than it was, it does make some interesting claims. The U.S Constitution, the U.S. constitution is not designed to allow for any kind of legal system or state entity to “disassociate” itself with any particular nation, such as England, England would do when they became citizens of a territory. The U.S. Constitution expressly states that the country “shall have power and jurisdiction therein to confine … all persons, and within its limits … not to be within the United States. The President of the United States shall have power and jurisdiction thereunto, so long as that confine may not deprive or impair the President of any civil or criminal right or benefit, or interfere with his use of the executive branch of Government, or in the administration of any business of the United States.” This is not to say that “duke” laws are irrelevant or that the only person named in an action “duke” is “the person named in the case of “the” case. What has been really important to the United States that is most troubling to the Duke is what has always been left unsaid in the case itself. The “Duke” claim is extremely complicated, and it is quite complicated because it has many layers of legal issues with respect to the law that could potentially be addressed within the “Duke” lawsuit proceeding. There are several major hurdles that have come to the fore that people will have to jump through. First, the U.S. Constitution establishes an establishment of law, and even an explicit separation of church and state under the Fourteenth Amendment . Under the United States Constitution, we are not legally bound to declare laws or act in concert with the Constitution, but I believe that these first two aspects would be very difficult to overcome. Second, if we were to declare “The Constitution is full of clauses that are no longer applicable, for we must declare them to be obsolete in their full importance.” This would be a very
“Duelist” with great authority is not something that the U.S. government is currently using. While the name “Duke” is common on the internet, many of the states that do not recognize it as such have also chosen its home state of Florida as the “State of Florida” (they call the capital “Florida”). The United States has been having some issues with these words recently, most prominently the infamous Florida “Duke” statute that is being used for the same reason the U.S. and other nations use the phrase. However, this has also led to what some are calling “America’s Duke.” As a result, the U.S. has now decided to “duke” a specific state in order to avoid having to call Florida as an official state on the US territory. What this means for our own legal system is that we can call the “U.S. Duke” by any state, and that all of us can be “named” as U.S. citizens and/or legal residents in the United States, regardless of the country of residence we were born in. While this will be less of a drastic change than it was, it does make some interesting claims. The U.S Constitution, the U.S. constitution is not designed to allow for any kind of legal system or state entity to “disassociate” itself with any particular nation, such as England, England would do when they became citizens of a territory. The U.S. Constitution expressly states that the country “shall have power and jurisdiction therein to confine … all persons, and within its limits … not to be within the United States. The President of the United States shall have power and jurisdiction thereunto, so long as that confine may not deprive or impair the President of any civil or criminal right or benefit, or interfere with his use of the executive branch of Government, or in the administration of any business of the United States.” This is not to say that “duke” laws are irrelevant or that the only person named in an action “duke” is “the person named in the case of “the” case. What has been really important to the United States that is most troubling to the Duke is what has always been left unsaid in the case itself. The “Duke” claim is extremely complicated, and it is quite complicated because it has many layers of legal issues with respect to the law that could potentially be addressed within the “Duke” lawsuit proceeding. There are several major hurdles that have come to the fore that people will have to jump through. First, the U.S. Constitution establishes an establishment of law, and even an explicit separation of church and state under the Fourteenth Amendment . Under the United States Constitution, we are not legally bound to declare laws or act in concert with the Constitution, but I believe that these first two aspects would be very difficult to overcome. Second, if we were to declare “The Constitution is full of clauses that are no longer applicable, for we must declare them to be obsolete in their full importance.” This would be a very
Another strength within Wachovia is the diversity of their board of directors. Wachovias board of directors totals 18 people–9 from the old Wachovia and 9 from the old First Union By doing this, the Wachovia Corporation has members that have been in control of both corporations, prior to the merger. Besides previously being on the board of directors for First Union and Wachovia, each member has had other experiences that contribute to the success of the new company (refer to the table titled “Wachovia Corporations Board of Directors”).
How Wachovia is perceived by the general public bears a heavy influence on their success in many areas and can be considered a strength. Most important to Wachovia corporation is their customers and how they are perceived by those customers is reflected in their continually positive ratings from the American Customer Satisfaction Index, which measures different industries each quarter and covers banking in the fourth quarter. Of the 2003 results, Wachovia is in front with a score of 76 out of a possible 100 — above the 75 average for the banking industry. This is the third year in a row that Wachovia has succeeded in getting the first place ranking (American Banker, 2004).
Other ratings that reflect well on Wachovias success include being named the best performing stock in 2002 among the top 50 U.S. banks and among global financial service companies (Wachovia.com). In November of 2002, Moodys Investor Service upgraded Wachovias debt rating to double A3 (Wachovia.com). On the inside, voluntary employee attrition levels show a continuous improvement since their merger with First Union bank which can be a reflection of their success in integrating their newly merged employees and creating a positive working environment (thevault.com). Wachovias public image is reinforced through their generous contributions, with more than $85 million given to charitable organizations, and an additional $19 billion to community development loans and investments (Wachovia.com).
The acquisition of other companies is one of the primary methods that Wachovia has used to grow its numbers and can be considered a strength in regard to how these mergers have expanded the companys reach into the banking and securities markets. Among its most recent mergers were First Union in September of 2001 which added to Wachovias banking customer base. The acquisition of Prudential Securities in July of 2003 has given Wachovia a significantly increased presence in the Securities market, which now ranks third in terms of client assets and number of brokers (Wachovia.com). In addition, the merger with Prudential has made Wachovia Securities the 12th largest mutual fund company by assets (Gaffen, 2003). Wachovias size allows it to be more competitive with larger banking companies, like Bank of America and Bank One, and expand its product line.
WeaknessesWhile Wachovia does show some positive strengths in its organization, it also has some weaknesses. The companys rapid growth through acquisition has created a total of more than 87,000 employees under the Wachovia name. There are several challenges that come with expanding a corporation which take time to address and correct. Some of these challenges can be considered weaknesses to Wachovia Corporation at this time.
The technology required to accommodate the vast amount of incoming data and to bridge some 800 existing data platforms has been an issue for Wachovia Corporation (www.knowledgestorm.com). Currently, Wachovia is using Documentum as its data platform, which is an improvement of its prior software choice which could only accommodate a refreshing of data once a week. With Documentum, updates in customer account information and activity is reflected every 24 hours, but only within the computer systems of Customer Service Center databases. Updates may take days longer to be processed elsewhere in Wachovias systems. Time gaps could be creating difficulty for employees that need that information to be timely. Finding a way to streamline the incoming and outgoing data across all platforms would enhance employee communication and offer up to date information for processing.
Because of Wachovias merging activities, there has been a great deal of change occurring on the inside. The need to rapidly introduce new skills and exchange knowledge among its employees is vital to the process of becoming more efficient. The issue of assimilating a diverse base of employees from various companies into one coherent organization requires a large amount of training and communication. Wachovia Corporation needs a solution that could address the need for a faster, more efficient form of training and updating.
Wachovia Corporations lack of presence on the West Coast and Central US is causing Wachovia to miss out on potential customers. Wachovia could take advantage of their status of being the largest East Coast banking franchise and the nations fifth largest bank holding company, by opening branches in the Central and Western US.
OpportunitiesIt is projected that the population of internet users will increase through 2005 from its current 111 million (David, 2003). This provides an opportunity for Wachovia to show itself as a premier internet banking service by offering the convenience of accessing as many banking and investing products as possible via the internet.
A result of Wachovias recent merging activities is that now it will have the resources to branch out to the mid and western regions of the U.S. Expanding its presence into other states will increase Wachovias