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Wachovia hires new head for fixed-income unit

Wachovia Corp. on Thursday said it hired a former Bear Stearns Cos. executive to lead the fixed-income unit in its corporate and investment bank.

Craig Overlander will start Sept. 15, reporting to Ben Williams, head of global markets and investment banking. He will be based jointly in New York and Charlotte.

Overlander replaces Curtis Arledge, a Wachovia veteran who left the bank this spring as the corporate and investment bank suffered in the global credit crunch. Arledge later landed a fixed-income post with investment firm Blackrock Inc.

Overlander had been with Bear Stearns for 26 years. He had been closely involved in the transition following the investment bank's sale to JPMorgan Chase & Co., Wachovia said.

“Craig has a unique combination of deep fixed income experience, demonstrated leadership skills and strong client relationships,” Williams said in a statement. “His focus on clients and creating partnerships across organizational lines are a natural fit for Wachovia's culture. I am excited to have such a talented leader as the head of this important business.”

Wachovia's fixed-income unit helps corporate clients with bond offerings and other debt products. It had been a major player in structured products, complex investments that have soured in the credit crunch. The unit was hard-hit in a restructuring this year that eliminated 500 corporate and investment banking jobs.

Rick Rothacker