McManus Named Chief Investment Officer Of Wachovia Securities
The nation’s fourth-largest bank has hired Tom McManus, a former chief investment strategist at Banc of America Securities, to head its securities division.
Interestingly, the securities unit of Wachovia Corp. is the subject of speculation by analysts who say it could be on the selling block in the future. With Wachovia’s stock trading at historic lows, along with an $8.9 billion quarterly loss in July - and another $9 billion in mortgage losses expected over the next 18 months - the bank needs to preserve capital and its brokerage arm could be seen as a liability.
Meanwhile, 51-year-old McManus, who is a well-known stock forecaster, will lead Wachovia Securities’ advisory services group, which establishes investment policy and strategies to support the firm’s financial advisers.
Our affiliation of securities lawyers is actively involved in advising individual and institutional investors in evaluating their legal options when confronted with subprime and other mortgage-related investment losses.
