Wachovia Corp. executive David Carroll plans to remain in Charlotte after joining the top management ranks of Wells Fargo & Co. later this year, a Wells spokeswoman said Friday.
Wells Fargo announced internally Thursday that Carroll would be the only Wachovia representative at the 12-member leadership tier that will run the combined company after Wachovia and Wells Fargo merge. The San Francisco-based bank agreed in October to buy Wachovia as it verged on collapse. Carroll and 10 other Wells executives will report to Wells chief executive John Stumpf.
Carroll, currently in charge of Wachovia's capital management group, will have a somewhat similar role in the combined company, leading wealth management, brokerage and retirement services. He gives up control of Wachovia's Evergreen asset management unit, which will operate under Wells wholesale banking head Dave Hoyt.
Announcing the top rung of executives is one of the first steps in the merger, now valued at about $12.4 billion. Wells has said Charlotte will be the East Coast headquarters for retail, commercial and corporate banking. St. Louis will remain the base for the Wachovia Securities brokerage unit. Wells spokeswoman Melissa Murray said it was too early to comment on where Evergreen, wealth management and Wachovia's corporate and investment bank will be based.
Where an executive lives can also determine where a business is headquartered, although large banks such as Wachovia and Wells often have parts of units dispersed around the country.
Carroll, 51, will continue with Wells, while other high-ranking Wachovia executives such as chief executive Bob Steel and vice chairman Ben Jenkins depart.
Carroll has been with the company since 1981, playing a key role in merger integrations before taking over the capital management unit in 2005. He was once seen as a possible successor to Wachovia CEO Ken Thompson, who was ousted in June.
Another top Wachovia executive staying with the combined organization is technology and operations head Jerry Enos, who will report to his Wells counterpart. Enos expects to be based in North Carolina, spending time in Winston-Salem and Charlotte, as he does now, Murray said.
The acquisition is expected to close Dec. 31, pending shareholder approval.