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Wells Fargo unveils new name for unit today

As the organizational chart of the merged bank takes shape, fewer top executives will be based here.

By Rick Rothacker
rrothacker@charlotteobserver.com
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    Laura Schulte

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    John Stumpf, president and chief executive officer of Wells Fargo & Co., speaks to Wachovia Corp. employees at the offices of their wealth management division in Winston-Salem, North Carolina, U.S., on Wednesday, Nov. 12, 2008. Wells Fargo, based in San Francisco, has said it plans to cut $5 billion in expenses after beating out Citigroup Inc. to acquire the Charlotte-based bank. Photographer: Jim R. Bounds/Bloomberg News

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    John Papadopulos, president of Wachovia Retirement and Invetsment Products Group

More Information

  • Who's in line for big severance payout?
  • The Wachovia Securities retail brokerage unit began a gradual switch to the Wells Fargo Advisors name May 1.

    Wells Fargo has closed some former Wachovia mortgage offices and put the Wells Fargo Home Mortgage name on those that remain.

    Wells Fargo Insurance Services will reveal its name July 1.

    The Wachovia Securities brand used for capital markets businesses changes to Wells Fargo Securities on July 3.

    Wells has said the surviving name for its mutual funds will be Wells Fargo Advantage Funds, replacing the Evergreen Investments moniker. A Wells spokeswoman noted all changes must be approved by the mutual fund trustees.

    The bank will begin to rebrand Wachovia bank branches in Colorado in late 2009, followed by other states where the banks have overlapping locations. The East Coast conversion will come last and could stretch into 2011.

    Wells hasn't set a date for changing signs on corporate buildings in Charlotte, but it's likely more than a year from now.

  • After the merger closes, these 11 executives will report to CEO John Stumpf:

    Dave Hoyt, a 27-year veteran of Wells Fargo, will be head of wholesale banking, including Wachovia's investment banking unit and Evergreen.

    Carrie Tolstedt will be responsible for the combined Community Banking group as well as Business Banking, ATMs, Internet Services Group, Consumer and Small Business Deposits, Home Equity, Auto and other lines.

    David Carroll*, a 27-year Wachovia veteran, will be responsible for wealth management including brokerage services and Wachovia Securities, investment management and retirement services. Carroll is currently the head of Wachovia's capital management group.

    Mark Oman will be responsible for Wells Fargo's Home and Consumer Finance Group including Wells Fargo Home Mortgage and Wachovia's Pick-A-Pay Portfolio.

    Kevin Rhein will be responsible for card services and consumer lending including Wells Fargo Financial, which offers auto financing, credit cards and other types of lending.

    Howard Atkins, chief financial officer.

    Avid Modjtabai, technology and operations.

    Pat Callahan, head of the Office of Transition for the Wells Fargo-Wachovia merger. She was head of human resources after the Norwest-Wells Fargo merger in 1998.

    Jim Strother, general counsel, including government relations.

    Mike Loughlin, chief risk and credit officer.

    Kevin McCabe, chief auditor.

    *current Wachovia executive


Wells Fargo will officially unveil the new brand name for its investment banking and capital markets unit today and will signal plans to build a business largely inherited from Charlotte-based Wachovia.

In a news release to be issued today, Wells Fargo chief executive John Stumpf says the San Francisco-based bank plans to “grow and invest in the business,” which includes Wall Street-style services such as stock and bond underwriting and merger advice for large corporations.

Wachovia's corporate and investment bank was a source of major losses in the credit crunch that began in 2007, but it's also a provider of high-paying jobs in Charlotte.

Wells Fargo has kept a number of top Wachovia officials in Charlotte, although the new brand name for the business, as reported by the Observer last month, will be Wells Fargo Securities. Rick Rothacker

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