Wachovia Corp. told employees Friday that it's folding together two groups within its corporate and investment bank as part of an ongoing reorganization of the unit that has suffered in the global credit crunch. The newly named investment banking and capital markets group combines the investment banking unit that serves big corporate clients and the group that advises companies on mergers and acquisitions, a spokeswoman said. The leaders of those two groups, Jonathan Weiss and Rob Engel, will serve as co-heads of the combined unit. They will continue to report to Ben Williams, head of global markets and investment banking. He reports to Steve Cummings, the head of the entire unit. The move is an organizational change and no further job cuts were announced, spokeswoman Elise Wilkinson said. Wachovia last month said it was eliminating 500 jobs within the corporate and investment banking unit by the end of the quarter. Wilkinson said the move is part of an effort to better focus the unit on three client groups: corporations, institutional investors such as hedge funds and commercial real estate clients. The new investment banking and capital markets group will be focused on corporate clients. A fixed-income group, which is in search of a new leader, will focus on institutional clients. The bank also has a newly reorganized real estate unit. Since last fall, Wachovia has announced plans to eliminate a total of about 760 jobs in its co ...
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