Wachovia Expanding Again ; Deal Will Create Second-Largest Retail Brokerage

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CHARLOTTE, N.C 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.

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Wachovia Expanding Again ; Deal Will Create Second-Largest Retail Brokerage

"It's not surprising that the industry is ripe for this consolidation," said Michael Poulos, managing director and head of North A...

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