Wachovia has just awarded a new $150 million creative and advertising account, which indicates a certain optimism about the future:
Wachovia said it has awarded its nearly $150 million creative and media advertising account to a WPP Group team led by Ogilvy & Mather, after a review.
Wachovia began a hunt for new agency partners in the spring — a blow to longtime partners Interpublic Group of Cos.’ Mullen, Winston-Salem, N.C., and Aegis Group’s Carat, Boston — with an eye on updating its brand.
That’s certainly more than some banks are able to do.
UPDATE: Maybe not:
The seizure of Washington Mutual Inc. (WM) is quickly becoming a problem for Wachovia Corp. (WB).
After federal regulators on Thursday night seized the West Coast thrift and its bloated book of failing home loans, investors have trained their focus on Wachovia, which itself holds piles of risky mortgages.
Wachovia shares recently traded down 23% to $10.58, while the cost of insuring Wachovia’s debt against default quickly rose to distressed levels.
