Contact Information: Press Contact: Jacqueline Pigliucci Cisco 1 408 853 6389 jpigliuc@cisco.com Investor Relations Contact: Laura Graves Cisco 1 408 526 8452 lagraves@cisco.com Matt Wadley Wachovia Corporation 704-374-6126 matthew.wadley@wachovia.com Industry Analyst Relations Contact: Ron Davis Cisco 1 408 526 8803 ronadavi@cisco.com
Wachovia Chooses to Innovate With Cisco TelePresence
Initial Deployment Aims to Support Wachovia's Key Business Drivers, Including Business Growth, Higher Productivity, Employee Engagement and Competitive Advantage
| Source: Cisco Systems, Inc.
SAN JOSE, CA--(Marketwire - June 4, 2007) - Cisco® (NASDAQ : CSCO ) today announced that
Wachovia Corporation (NYSE : WB ), the parent company of the nation's
fourth-largest bank and third-largest brokerage firm, has completed its
first deployment of Cisco TelePresence. The company launched the pilot to
enable virtual face-to-face meetings across multiple locations as an
innovative approach to address Wachovia's increasing geographic presence.
"We are using Cisco TelePresence to help our people be more productive with
their time," said Jim Ditmore, Wachovia's chief technology officer. "We
continue to grow geographically, and while there will always be the need
for in-person meetings in our business, our employees now have a viable
alternative to getting on a plane and being away from their families. We
think this kind of flexibility further improves our differentiated customer
service and overall competitiveness."
Wachovia is deploying Cisco TelePresence to enhance collaboration and
productivity within critical business functions. The first deployment
includes two fully operational Cisco TelePresence 3000 systems connecting
Wachovia's Charlotte, NC, headquarters with the company's Richmond, VA,
location, which also serves as headquarters for Wachovia Securities.
Wachovia envisions multi-site meetings between additional domestic and
international sites and within executive offices, following its successful
pilot.
"We are proud of the fact that through implementing TelePresence technology
and reducing travel needs, we can support our goal of expense reduction
while also furthering our corporate commitment to environmental
responsibility," said Jim Kittridge, Wachovia Senior IT Leader and
Telepresence product manager. "This technology will substantially change
the way Wachovia employees communicate and collaborate across large
distances."
"Wachovia is very innovative in its approach to translating productivity
gains into competitive advantage," said Charles Stucki, vice president and
general manager, TelePresence Systems Business Unit, Cisco. "We are very
excited to be working with Wachovia while they blend Cisco TelePresence
into their business as a critical tool for better collaboration between
employees, customers and partners."
The Cisco TelePresence system creates unique, "in-person" experiences
between people, places and events in their work and personal lives. It
delivers life-size images, ultra-high-definition video (1080p), spatial
audio and a specially designed environment to create a "room within a room"
meeting space.
About Wachovia Corporation
Wachovia Corporation (NYSE : WB ) is one of the nation's largest diversified
financial services companies, providing a broad range of retail banking and
brokerage, asset and wealth management, and corporate and investment
banking products and services. Wachovia has retail and commercial banking
operations in 21 states with 3,400 retail banking offices from Connecticut
to Florida and west to Texas and California. In addition, two core
businesses operate under the Wachovia Securities brand name: retail
brokerage with 768 offices in 48 states and service affiliate offices in
Latin America, and corporate and investment banking serving clients in
selected corporate and institutional sectors globally. Other nationwide
businesses include mortgage lending in all 50 states and auto finance
covering 46 states. Globally, Wachovia serves clients through more than 40
international offices. Online banking is available at wachovia.com; online
brokerage products and services at wachoviasec.com; and investment products
and services at evergreeninvestments.com. At March 31, 2007, Wachovia had
assets of $706.4 billion and market capitalization of $105.3 billion
About Wachovia Securities
The nation's third largest brokerage group, Wachovia Securities provides
financial advisory, brokerage, asset management and other financial
services through approximately 10,700 registered representatives in more
than 2,600 locations nationwide. Headquartered in Richmond, Virginia,
Wachovia Securities is a non-bank subsidiary of Wachovia Corporation.
About Cisco Systems
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