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Wachovia pays millions in fees
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Published: November 20, 2008
CHARLOTTE
Wachovia Corp. has paid investment bank Goldman Sachs Group Inc. $77 million in fees since October 2006 for various advisory services and is set to pay another $25 million for advice involving its sale to Wells Fargo & Co., according to a filing Tuesday.
The $77 million covers such work as Goldman's assistance with Wachovia stock offerings and "financial advisory services since December 2007," according to the filing. Wachovia, struggling with mounting mortgage losses, said in June that it hired Goldman to analyze its loan portfolio but hasn't provided a timeframe for the work.
Goldman Sachs provided a "fairness opinion" to the Wachovia board on Oct. 3, saying that the sale to Wells Fargo was fair financially to shareholders. For Goldman to get the full $25 million fee, the sale must be completed.
Perella Weinberg Partners, an investment bank, also gave Wachovia a fairness opinion on the Wells sale, according to the filing. That bank will also get $25 million once the deal closes.
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