Wells Fargo & Co executives will dominate upper management after the bank buys Wachovia Corp, controlling 11 of the top 12 jobs.
David Carroll, Wachovia’s head of capital management, is the only executive from that bank who will join Wells Fargo’s executive team, overseeing wealth management, including the 14,600-broker Wachovia Securities unit, Wachovia says.
Among the Wells Fargo executives who will stay are Mark Oman, who will oversee home lending, including a troubled Wachovia mortgage portfolio; Howard Atkins, chief financial officer; Carrie Tolstedt, who will run retail banking; and Dave Hoyt, who will oversee wholesale banking, investment banking and Wachovia’s Evergreen asset management unit.
The management team will be led by Chief Executive John Stumpf, who announced the appointments internally on Thursday. Wachovia Chief Executive Robert Steel, retail banking chief Ben Jenkins, corporate and investment banking chief Steve Cummings and Chief Financial Officer David Zwiener are not staying on.
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