Wachovia will get just one spot on Wells Fargo's 12-member top management team when the two companies combine later this year.
David Carroll, head of Wachovia's capital management group, will be responsible for businesses including wealth management and brokerage, although he will lose control of the Evergreen asset management unit. He and 10 Wells executives will report to John Stumpf, who rose to chief executive of the San Francisco-based bank last year.
At least five top Wachovia executives who didn't land positions are set to leave after the deal closes, including vice chairman Ben Jenkins.
In the past, Wachovia has been the buyer of other banks, and its leaders typically retained plum jobs after acquisitions. But Wells is clearly in charge in this marriage after buying the Charlotte bank after it neared collapse in September.
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“It's not surprising that Wells is putting its own people in charge to be sure that things get done the way Wells would have them done,” said Gary Townsend, a former analyst who has launched a Maryland-based investment firm.
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