June 22, 2004 Ms. Jean E. Davis [Address] Charlotte, NC [zip code] Re: Employment Agreement Dear Jean,

Exhibit (10)(p)

June 22, 2004

Xx. Xxxx X. Xxxxx
[Address]
Charlotte, NC [zip code]

Re: Employment Agreement

Dear Xxxx,

As we discussed, I want to clarify certain matters related to your employment agreement. As you know, your employment agreement with Xxxxxxxx provides you with the option to make “Good Reason” termination of your employment with Wachovia for any reason during the period from January 1, 2004 to June 30, 2004. The Management Resources and Compensation Committee at its April 19, 2004 meeting approved modifying your agreement to provide you with the option to make a “Good Reason” termination of your employment with Wachovia for any reason during the period from January 1, 2006 to March 31, 2006.

In addition, I am pleased to advise you that you have been awarded a stock option grant on 36,256 shares with a stock price of $45.02 and a restricted stock award of 9,789 shares.

Very truly yours,

X. Xxxxxxx Xxxxxxxx

xx: Xxxx Xxxxxx
Xxxxx Xxxxxx