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Wachovia Ranks No. 1 in Customer Satisfaction
KANSAS CITY, MO (kansascityfrontpage.com), February 24, 2008 - Wachovia Bank is ranked No. 1 for the seventh straight year in the American Customer Satisfaction Index, a survey of consumer satisfaction conducted by the University of Michigan Ross School of Business.

"I'm extremely proud of our employees in achieving this honor for seven consecutive years," said Wachovia Chairman and CEO Ken Thompson. "Providing excellent customer service is a hallmark of our company, and this award is testament to our success. I want to take this opportunity to thank our customers for choosing Wachovia."

In a report issued today by the ACSI, Wachovia scored five points higher than its closest peer named in the study. Wachovia has achieved a 13-point increase in its score since 2000.

"We are thrilled to once again be named No. 1 in customer satisfaction and will continue our work in moving customers from satisfied to loyal," said Andrea Bierce, Wachovia's director of Customer Experience & Loyalty. "To that end, Wachovia remains steadfast in its commitment to improving the customer experience and continues to pursue enhancements all across the company." In addition to being ranked No. 1 by the ACSI, Wachovia has been recognized by many independent organizations for providing exceptional customer service across all areas of the company. A few of these accolades include:>

FImetrix ranked the Corporate and Investment Bank No. 1 correspondent bank for overall institutional client satisfaction. Wachovia also placed first in this survey in 2006.
Wachovia was ranked No. 1 in customer satisfaction in J.D. Power and Associates 2007 Primary Mortgage Origination Study.
Wachovia's online banking was ranked No. 1 in customer satisfaction for the third year in a row by comScore, a global leader in measuring digital trends.
Wachovia Direct Access won Speech Technology magazine's first-ever Speech Industry Implementation Award for excellence in using speech technology to improve customer service.
Wealth Management was named "High Net Worth Leader of the Year" by Private Asset Management, an industry publication of Institutional Investor. The award recognized Wachovia Wealth Management for "its westward expansion and for creating a national platform with three distinct channels to serve the affluent, high net worth and ultra high net worth segments."

2007 ACSI scores are derived from telephone surveys with a random sampling of Wachovia customers. Scores are based on a 100-point scale.

GMAC Financial Services Announces Restructuring of North American Auto Finance Operation
KANSAS CITY, MO (kansascityfrontpage.com), February 24, 2008 - GMAC Financial Services has announced it is restructuring its North American auto finance business to reduce costs, streamline operations and position the business for scaleable growth.

The restructuring will include merging a number of separate business offices into five regional business centers located in the areas of Atlanta, Chicago, Dallas, Pittsburgh and Toronto.

In addition, GMAC representatives will continue to be strategically located throughout the U.S. and Canada to service auto dealers. The plan includes reducing the North American auto finance workforce by approximately 930 employees, which represents about 15 percent of the 6,275 employees in the business unit. These actions are planned to largely occur by the end of 2008.

"Although it is difficult to reduce staffing levels, we need to position GMAC with a more competitive cost structure and greater operational flexibility for future growth," said GMAC President Bill Muir. "Our new structure will further enhance our operational efficiency and allow our field personnel to spend more time supporting our dealer customers. Most dealers will see no change in the GMAC representative servicing their dealership, as we believe that a deep understanding of local markets is one of our competitive advantages."

GMAC expects to incur restructuring charges of approximately $65 to $85 million, which includes costs related to severance and other employee-related costs of approximately $60 to $70 million and the closure of facilities of approximately $5 to $15 million. These charges will be incurred over the course of 2008, with the majority of the charges occurring in the second half of the year. The charges are expected to result in future cash expenditures of approximately $65 to $85 million. As a result of the restructuring, GMAC expects an annual run rate savings of approximately $175 million.

The workforce reductions will include a range of automotive finance positions in the U.S. and Canadian field offices, the Nuvell subsidiary and GMAC's central office in Detroit, Mich. GMAC and its companies will continue to service retail customers and provide dealer customers with a complete range of financing products and services.

Sharper Image Corporation Files for Bankruptcy Court Protection
KANSAS CITY, MO (kansascityfrontpage.com), February 24, 2008 - Sharper Image Corporation (NASDAQ:SHRP) has announced that it had commenced a case under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company intends to continue to conduct business as usual while it devotes renewed efforts to resolve its operational and liquidity problems and develops a reorganization plan.

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