Hewitt Associates to Provide HR BPO Services to Wachovia Corporation; Companies Expand Long-Standing Benefits Outsourcing Relati

LINCOLNSHIRE, Ill.–(BUSINESS WIRE)–Aug. 4, 2005–Hewitt Associates (NYSE:HEW), a global human resources services firm, announced today it will provide HR business process outsourcing (BPO) services to Wachovia Corporation (NYSE:WB), one of the nation’s largest financial services providers. The deal is an expansion of the companies’ long-standing HR partnership, as Hewitt has provided benefits outsourcing and HR consulting services to Wachovia since the late 1990s.

Under the new seven-year agreement, Hewitt will provide HR BPO services, including contact center, payroll, learning and benefits outsourcing to more than 90,000 Wachovia employees. As part of the deal, Hewitt will hire approximately 165 Wachovia employees. Financial terms of the deal were not disclosed.

“Hewitt has a proven track record of providing excellent service to our employees and we are pleased to expand this relationship,” said Shannon McFayden, head of Human Resources and Corporate Relations. “Hewitt’s mission to make the world a better place to work aligns closely with Wachovia’s vision to be the best, most trusted and admired financial services company. With this partnership, we are gaining access to best-in-class human resources services and technology while reducing further costs for Wachovia.”

“For most companies, HR is not their core business,” said Dale Gifford, Hewitt chairman and CEO. “HR is Hewitt’s core area of expertise and has been for more than 60 years. We’re excited to expand our successful partnership with Wachovia and leverage our HR knowledge, expertise and scale for the benefit of Wachovia and its employees.”

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

About Hewitt Associates
With more than 60 years of experience, Hewitt Associates (NYSE:HEW) is the world’s foremost provider of human resources outsourcing and consulting services. The firm consults with more than 2,300 companies and administers human resources, health care, payroll and retirement programs on behalf of more than 300 companies to millions of employees and retirees worldwide. Located in 35 countries, Hewitt employs approximately 20,000 associates. For more information, please visit www.hewitt.com.

Contacts
Hewitt Associates
Jennifer Frighetto, 847-442-7663
jennifer.frighetto@hewitt.com
or
Kelly Zitlow, 847-442-7662
kelly.zitlow@hewitt.com



Posted August 13, 2005 in Benefitsin Enabling Technology

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