The mid-sized financial broker reported revenue increase of 15% in the second quarter and earnings rise of 44% from a year ago on higher asset management fees. The company has agreed to merge with Wachovia Bank and shareholders plan to vote on the merger on Sept 28. The merger between the companies is expected to result in a loss of more than 4,000 jobs at Wachovia Securities and create the second largest brokerage house after Merrill Lynch.
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