Latest on Wells Fargo / Wachovia

Wells Fargo CEO urges calm on Wachovia jobs

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The CEO of Wells Fargo told several hundred Wachovia employees this morning that the merged banking operation will make every effort to retain employees.

John Stumpf also told a crowd that packed the Wachovia Atrium in uptown that the bank will continue to play a strong volunteer role in the community.

"My goal is to keep all of you with the company," Stumpf said in the first of two employee meetings scheduled today in Charlotte.

CEO Steel will bow out after merger

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Wachovia chief executive Bob Steel said at a news conference today that he will have no “operating role” after his bank and Wells Fargo merge later this year.

In the meantime, Steel, who took the helm in July, said his job will be to make sure Wachovia stays focused on its customers and to ensure the merger with Wells goes smoothly. He said other Wachovia executives will have an opportunity to be part of the combined company but did not give specifics.

In earlier remarks to employees in the company's headquarters complex, Steel said he had mixed emotions about selling the company to Wells, saying “a lot of us envisioned an independent Wachovia” emerging from its troubles. But he said Wells was the best alternative once the bank decided to do a merger.

In addition to turbulent times in the financial industry, Wachovia's particular problem with bad loans “made the situation more dangerous for Wachovia,” Steel said.

In perhaps the most telling sign of the times, Steel received a standing ovation from the crowd of employees and public officials, despite selling one of the city's most important local companies to an out-of-town rival.

Comment: I feel for these employees. Kathee was with United Bank (Colorado) that was acquired by Norwest. When Norwest closed our data center in Denver, all there were nervous.