Wachovia Corporation

Goldman Sachs Financial Services

CEO Conference

December 12, 2007

Ken Thompson 

Chairman and CEO

*

*

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Exhibit 99

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5285, Goldman Sachs CEO Conference

Wachovia’s core strategy

Focus on high growth, affluent markets and pursue

high growth non-traditional businesses

Aggressively manage our businesses by focusing on

quality delivery and cost effectiveness

Continued refinement of risk management and capital

allocation

Goal: Serve customers better than the competition

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75% of prior 10 years of U.S.

GDP growth generated

within

WB’s

footprint

1

No. 3 deposit market

share

in the U.S.

No.

1

bank

in

the

Southeast

2

8.4% deposit-weighted

average population growth

vs.

6.3%

U.S.

average

3

80% of future U.S.

population growth is

forecasted to come

through

WB’s

footprint

4

1.

Source: US Department of Commerce.

2.

Source: SNL Financial, based on deposits and includes AL, FL, GA, MS, NC, SC, TN, VA.

3.

Source: SNL Financial. 5-year projected average population growth, county-weighted by deposits.

4.

Source: U.S. Census Bureau, forecasted population growth as of 2020.

Wachovia’s key competitive advantage

High growth/affluent footprint

WB Financial Center Locations

WB Retail Brokerage Locations

AG Edwards Retail Brokerage Locations

WB Mortgage Locations

WBAuto Finance Locations

WBW

ealth Management Locations

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Wachovia’s key competitive advantage

Execution within and across our balanced business model

YTD 2007 Segment Earnings 

$6.7 billion

1

Capital

Management

$860

Corporate &

Investment

Bank

$1,375

General Bank

$4,249

Wealth

Management

$230

63%

21%

3%

13%

($ in millions)

1.

2007 year to date segment earnings as of September 30, 2007, excluding merger-related

and restructuring expenses of $48.0 million and losses in the parent of $330 million.

YTD 2007

Traditional banking businesses

are a key driver of results

–

70% of revenues

–

80% of earnings

2001 -

2006

Investment Banking drove 16%

of earnings growth

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Wachovia’s key competitive advantage

Superior customer service and loyalty

Percentage Loyal

Customers 1

40.2%

48.6%

51.8%

53.1%

55.0%

4Q02

4Q04

4Q06

3Q07

Goal

1.

Data is from independent studies conducted with customers who

transact in our Financial Centers

Wachovia

80

+21.2%

(#1)

All Others

78

+8.3%

Bank of America

72

+14.3%

JPM/Bank One

72

+2.9%

Wells Fargo

72

+7.5%

2006 American Customer

Satisfaction Index 

WB led survey for the

6

th

year in a row

Most improved since #1

ranking

in 2001

Score

2006

vs. 2000

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10.9%

14.8%

4Q00

3Q07

Wachovia’s key competitive advantage

Superior customer retention and acquisition

Annualized Retail, Small Business, Business Banking and Community Banking controllable attrition and acquisition rates; 4Q99 attrition data is total,

acquisition data unavailable prior to 2000.                    

1.

Based on 11.4 million Retail, Small Business, Business Banking and Community Banking household and customer relationships at 3Q07 quarter-end.

Acquiring

430,000

net

new

households

on

an

annualized

basis

1

Approximately 3 times the growth rate for US households

Attrition

Acquisition

20.0%

11.0%

4Q99

3Q07

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$569

$609

$670

3Q05

3Q06

3Q07

$1,252

$1,207

$1,409

YTD 05

YTD 06

YTD 07

$3,147

$3,217

$3,450

YTD 05

YTD 06

YTD 07

$1,866

$2,114

$2,260

YTD 05

YTD 06

YTD 07

Aggressive sales management

Strong execution drives results

Retail and Small Business Revenue

per

Financial

Center

1

1.

Legacy Wachovia franchise excluding Golden West.

Annualized Retail Brokerage Revenue

per Series 7 Reg Rep

Wealth Management Investment Management

Fees

per

Relationship

Manager

3

Commercial Banking Revenue

per

Relationship

Manager

2

2.

Commercial Banking revenues excludes dealer services .

($ in thousands, YTD through September)

3.

Wealth Management relationship managers excludes private

advisory bankers.

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Aggressive expense management

Operating efficiency drives results

63.6%

59.1%

60.5%

60.0%

58.0%

55.3%

56.3%

2001

2002

2003

2004

2005

2006

YTD

Goal

Cash Overhead Efficiency Ratio

1

1.

Excludes merger-related and restructuring expenses, changes in accounting principle and other intangible amortization.

51.5% -

53.5%

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Managing through the credit cycle

Relatively low risk portfolio

Currently expect 4Q07 provision expense to be $1 billion higher

than charge-offs

Consumer real estate

–

Staying on top of and taking appropriate actions in light of

deteriorating markets

–

Mortgage loans average LTV of 70%; Pick-a-payment appraised in-house

–

Home Equity: 95% direct originations, average LTV of 74%, 47% secured

by first lien and 70% to relationship customers

Auto: custom credit scoring model has resulted in credit

outperformance relative to peers

Commercial real estate

–

Proactively managing residential portfolio in markets that are

exhibiting softness

–

Income producing portfolio performing well though applying

cautious stance

Middle market and large corporate portfolios are well-diversified,

granular and high performing

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$12

$16

$20

$24

$28

$32

$36

$40

$44

Economic

Tangible

Tier 1

Managing through uncertain markets

Low risk model drives capital cushion

Tangible common equity vs.

economic capital

($ in billions)

-$1.9B

$7.4B

Overall market

deterioration will result

in decrease in capital

cushion

Ample earnings to

continue to support

growth and build credit

reserves

Management remains

confident in current

dividend even under 

stress scenarios

As of 9/30/07 tangible capital exceeded economic capital by $6.9

billion.

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2008 top priorities

Focus on best-in-class execution in our four lines

of business

–

Customer service and loyalty

–

Sales management

–

Expense discipline

–

Strong risk management

Focus on building capital while continuing to invest

selectively in higher return opportunities

Successfully integrate Golden West and A.G. Edwards

acquisitions

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Appendix

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Period-end balance sheet as of 9/30/2007. Net charge-offs are 3Q07 charge-offs as a % of respective loan portfolio, annualized.

Low loss-content loan portfolio

Total Loan Portfolio

89% Secured/Guaranteed

Consumer

Mortgage

Other

Consumer

Real Estate

Secured

Student

Auto, Other

Secured

Commercial,

Financial &

Agricultural

Commercial

Real Estate

Commercial

Leasing

Commercial

Foreign

$260 billion consumer loan portfolio

96% secured (additional 3% guaranteed)

-

87%

secured

by

Real

Estate

>

87% secured by a first lien

>

71% average loan-to-value

>

699 average FICO score

3Q07 net losses 27 bps

$190 billion commercial loan portfolio

74% secured

No industry > 5% (3-digit SIC)

$1.8 million average size

3Q07 net losses 8 bps

38%

6%

1%

9%

24%

6%

13%

2%

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Consumer real estate portfolio

3Q07 Period-end Consumer Real Estate Portfolio

Loan

Average

Average

% of Loans

(dollars in millions)

Balances

FICO

LTV

(1)

LTV > 90%

Home equity loans and lines

  First lien

$

27,086

729

72%

13%

  Second lien

30,907

723

76%

15%

Total home equity loans and lines

57,993

726

74%

14%

Mortgage loans

167,362

690

70%

2%

Total consumer real estate portolio

225,355

699

71%

5%

Nonaccrual loans

Total first lien

1,865

645

76%

4%

Total second lien

41

676

82%

15%

Total consumer real estate nonaccrual loans

$

1,906

647

76%

5%

(1)

Second lien LTVs reflect the total borrowings, including first lien positions held by third parties.

Exposure to at-risk California MSAs within Central Valley and Inland Empire

in line with industry exposures

California 90-day delinquency rates 79 bps below industry averages

1

1.

Based on CreditForecast.com 3Q07 data.

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Period-end balance sheet as of 9/30/2007.

Commercial real estate

Well-diversified loan portfolio

$35 billion loan portfolio

36% residential

64% income producing

Average maturity of 1.6 years

–

42% of exposure maturing

<12 months

–

Residential homebuilder

average maturity of 1.2

years

Geographic concentrations

in traditional retail banking

footprint

Generated over $1.0

billion in

net income since year end 2005

$35 Billion Commercial Real

Estate Financial Services

Portfolio

Office

Building

13%

Retail

12%

Apartments

11%

Industrial

5%

Income Producing

Land

8%

Other

2%

Lodging

1%

Single

Family

11%

Residential

Improved

Land

10%

Condominiums

9%

Residential

Unimproved

Land

4%

Non-Definition

Real Estate

14%

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Cautionary statement

The

foregoing

materials

and

management’s

discussion

of

them

may

contain,

among

other

things,

certain

forward-looking

statements

with

respect

to

Wachovia, as well as the goals, plans, objectives, intentions, expectations, financial condition, results of operations, future performance and business of

Wachovia, including, without limitation, (i) statements regarding certain of Wachovia’s goals and expectations with respect to earnings, earnings per

share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to

estimates of Wachovia’s credit quality trends, (ii) statements relating to the benefits of the merger between Wachovia and A.G. Edwards, Inc. completed

on October 1, 2007 (the “A.G. Edwards Merger”), including future financial and operating results, cost savings, enhanced revenues and the

accretion/dilution to reported earnings that may be realized from the A.G. Edwards Merger, (iii) statements relating to the benefits of the merger between

Wachovia and Golden West Financial Corporation completed on October 1, 2006 (the “Golden West Merger”), including future financial and operating

results, cost savings, enhanced revenues and the accretion/dilution to reported earnings that may be realized from the Golden West Merger, and (iv)

statements preceded by, followed by or that include the words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate”, “expect”, “intend”,

“plan”, “projects”, “outlook”

or similar expressions.  These forward-looking statements are based on the current beliefs and expectations of Wachovia’s

management and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond

Wachovia’s control). Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause

Wachovia’s

financial

performance

to

differ

materially

from

that

expressed

in

such

forward-looking

statements:

(1)

the

risk

that

the

applicable

businesses

in connection with the A.G. Edwards Merger or the Golden West Merger will not be integrated successfully or such integrations may be more difficult,

time-consuming

or

costly

than

expected;

(2)

the

risk

that

expected

revenue

synergies

and

cost

savings

from

the

A.G.

Edwards

Merger

or

the

Golden

West Merger may not be fully realized or realized within the expected time frame; (3) the risk that revenues following the A.G. Edwards Merger or the

Golden West Merger may be lower than expected; (4) deposit attrition, operating costs, customer loss and business disruption following the A.G.

Edwards Merger or the Golden West Merger, including, without limitation, difficulties in maintaining relationships with employees, may be greater than

expected; (5) the risk that the strength of the United States economy in general and the strength of the local economies in which Wachovia conducts

operations may be different than expected resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the

resultant effect on Wachovia’s loan portfolio and allowance for loan losses; (6) the effects of, and changes in, trade, monetary and fiscal policies and

laws,

including

interest

rate

policies

of

the

Board

of

Governors

of

the

Federal

Reserve

System;

(7)

potential

or

actual

litigation;

(8)

inflation,

interest

rate,

market and monetary fluctuations; (9) adverse conditions in the stock market, the public debt market and other capital markets (including changes in

interest rate conditions) and the impact of such conditions on Wachovia’s brokerage and capital markets activities; (10) unanticipated regulatory or

judicial proceedings or rulings; (11) the impact of changes in accounting principles; (12) adverse changes in financial performance and/or condition of

Wachovia’s

borrowers

which

could

impact

repayment

of

such

borrowers’

outstanding

loans;

and

(13)

the

impact

on

Wachovia’s

businesses,

as

well

as

on the risks set forth above, of various domestic or international military or terrorist activities or conflicts.

Wachovia cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning Wachovia, the

A.G. Edwards Merger or the Golden West Merger or other matters and attributable to Wachovia or any person acting on its behalf are expressly qualified

in their entirety by the cautionary statements above. Wachovia does not undertake any obligation to update any forward-looking statement, whether

written or oral.