Banking

Wachovia shares rise after meeting

Wachovia Corp. chief executive Bob Steel appears to have helped himself during a meet-and-greet luncheon Monday with Wall Street analysts.

In afternoon trading today, the Charlotte bank's shares were up 7 percent to $18.32. The stock is faring better than banking peers on a positive day for financial stocks.

“Our key takeaway was that Mr. Steel is a credible and a result focused CEO,” Morgan Keegan analyst Robert Patten wrote in a note Tuesday, echoing reports by some of his counterparts. “However, it is still way too early for him to definitely understand all the complexities and strategic solutions for (Wachovia).”

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