Wachovia-Wells merger will take time
Published: Fri, Nov. 21, 2008 12:30AM
Modified Fri, Nov. 21, 2008 02:21AM
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closeCHARLOTTE -- Wachovia's chief executive said Thursday that the bank's sale to Wells Fargo is progressing appropriately but that the details won't be wrapped up as quickly as some people might like.
"I would just tell you that there's been a lot of traffic on USAir between Charlotte and San Francisco," Bob Steel, who became CEO four months ago, said at a breakfast in Charlotte.
Wachovia announced in October that it would sell itself to Wells Fargo after bad mortgage loans and pressure from regulators pushed it to the brink of bankruptcy. Last week, Wells sent a memo to Wachovia employees announcing the 12 top managers for the combined company. Only one, David Carroll, is from Wachovia.
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Steel, speaking to a city nervous about losing jobs, said the next step in the Wells integration will be allowing those 12 managers to choose their teams. It won't happen at a speed that makes everyone comfortable, he said.
Steel, a Durham native and Duke University alumnus who will not stay on with the combined bank, said that he isn't sure what he will do next but that he doesn't regret his time at Wachovia.
It's likely that Wells will cut jobs in Charlotte, though the fate of Wachovia's investment bank here has produced particular anxiety.
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