8-K

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549



                                   FORM 8-K



             CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934



               Date of Report (Date of earliest event reported):
                                 July 30, 2001



                             WACHOVIA CORPORATION
            (Exact name of registrant as specified in its charter)



        NORTH CAROLINA                  No. 1-9021            No. 56-1473727
(State or other jurisdiction of  (Commission File Number)      (IRS Employer
          incorporation)                                     Identification No.)



                100 North Main Street, Winston-Salem, NC 27101
                  191 Peachtree Street NE, Atlanta, GA 30303
                   (Address of principal executive offices)



              Registrant's telephone number, including area code:
                          Winston-Salem 336-770-5000
                             Atlanta 404-332-5000



                                Not applicable.
         (Former name or former address, if changed since last report)


Item 5.   Other Events

          On July 27, 2001, Wachovia Corporation completed the sale of its
          consumer credit card portfolio to Bank One Corporation.  The joint
          press release announcing the completion of the transaction is attached
          as an exhibit to this current report and is incorporated herein by
          reference.

Item 7.   Exhibits.

          99.1    Joint Press Release, dated July 27, 2001, issued by Wachovia
                  Corporation and Bank One Corporation announcing the completion
                  of the sale of Wachovia Corporation's consumer credit card
                  business to Bank One Corporation.

                                   SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                 WACHOVIA CORPORATION


                                 By: /s/ Robert S. McCoy, Jr.
                                     ------------------------
                                 Name: Robert S. McCoy, Jr.
                                 Title: Vice Chairman and Chief Financial
                                        Officer

Date:  July 30, 2001

EX-99.1

EXHIBIT 99.1

For Additional Information:
Thomas Kelly, Bank One, 312-732-7007
Ed L. Hutchins, Wachovia, 336-732-4200

FOR RELEASE: Immediately

    Bank One Completes Purchase of Wachovia's Consumer Credit Card Portfolio

  CHICAGO AND WINSTON-SALEM, N.C., July 27, 2001 - Bank One Corporation (NYSE:
ONE) today completed its purchase of Wachovia Corporation's (NYSE: WB)
approximately $7.5 billion portfolio of consumer credit card receivables, the
companies announced today.  The portfolio includes 2.6 million active customer
accounts. Terms were not announced.

  There are two components to the transaction:

 . The primary portfolio of $6.2 billion in receivables of card holders who are
  not customers of Wachovia's retail bank.

 . The agent bank portfolio of $1.3 billion. The transaction includes an agent
  bank relationship under which Wachovia will offer its branded credit cards to
  retail customers, with servicing provided by First USA, Bank One's credit card
  subsidiary. Flexibility and protections exist for both parties to adapt the
  relationship to changes in circumstances. First USA, the largest issuer of
  Visa credit cards, is a leader in partnership and agent bank marketing with
  1,900 marketing partners, including many financial institutions.

  Bank One expects the transaction to add approximately $100 million after tax
to its 2002 earnings, as previously announced.

  "The Wachovia purchase reaffirms our commitment to grow our credit card
business through both acquisitions and internal growth," said James Dimon, Bank
One's chairman and chief executive officer.

  Wachovia expects to realize a pretax gain of approximately $1.3 billion from
the transaction.

  "We believe our customers will be served well by First USA," said L.M. Baker
Jr., Wachovia chairman and chief executive officer.

  Wachovia will provide interim servicing until the accounts are converted to
First USA's systems, which is expected by year-end.

  The acquisition brings Bank One credit card receivables to approximately $70
billion. Bank One Corporation, the parent of First USA, has assets of more than
$272 billion, making it the nation's fifth-largest bank holding company.

  Wachovia Corporation, with dual headquarters in Atlanta and Winston-Salem,
N.C., is a leading financial holding company serving regional, national and
international markets.  As of June 30, 2001, Wachovia had assets of $74.8
billion.  Wachovia Bank, N.A., the principal subsidiary, has more than 650
offices and 1,350 ATMs primarily in Florida, Georgia, North Carolina, South
Carolina and Virginia.  Wachovia Bank Card Services, the credit card subsidiary,
is headquartered in Atlanta.

  This news release contains forward-looking statements regarding Wachovia
Corporation and Bank One Corporation.  All forward-looking statements involve
risk and uncertainty, and actual results could differ materially



from the anticipated results or other expectations expressed in the forward-
looking statements. A discussion of factors that could cause actual results to
differ materially from those expressed in the forward-looking statements is
included in Wachovia's filings with the Securities and Exchange Commission and
Bank One's Form 10-K for the year ended December 31, 2000.