Wells Fargo & Co. has decided on most of the key positions it plans to fill with First Interstate Bancorp executives after the merger of the two big banks, sources close to the deal say.
In a series of decisions last week, Wells tapped two senior wholesale executives and two retail bankers from First Interstate to hold key positions after the merger closes April 1.
But sources reported that two other key First Interstate executives, including banking technology chief Daniel R. Eitingon, have decided to leave.
One of the most critical appointments, at least for its effect on Wells' business, is the retention of First Interstate executive vice president Donald R. Voss as head of a division that will provide loans and other banking services to large businesses and financial institutions.
Wells, which focuses on consumers and small and midsize businesses, is notable for its lack of a sizable big-business banking operation.
The fact that Mr. Voss will stay indicates that Wells wants to make a new push into the business, Mr. Voss and other observers said. "I look forward to managing in a larger environment," he said.
Mr. Voss said that after the merger he will report to G. Hardy Watford, a Wells executive vice president. Mr. Voss said that 75 people work in his division, which works with companies and financial institutions with revenues of more than $500 million.
Other First Interstate executives who were reported to have decided to stay include:
*James W. Lokey, now executive vice president of middle-market banking and government services in Southern California. Sources said he will have similar responsibilities after the merger and will report to Wells executive vice president Paul M. Watson.
*George Passadore, the Portland, Ore.-based executive vice president and head of retail banking in the Northwest. Mr. Passadore has agreed to accept similar responsibilities at Wells, sources said.
*Likewise, sources said Paul "Chip" Carlisle, executive vice president of retail banking in Texas, has agreed to retain similar responsibilities after the merger.
Mr. Eitingon had recently said he would be willing to remain with Wells after the merger if he was offered an acceptable position. But a source close to Mr. Eitingon said that Monday morning he rejected a Wells offer. Daniel R. Holman, who is Mr. Voss' boss as executive vice president and head of corporate banking in California, also declined a position after the merger, sources said.
A source also said that First Interstate executives are being asked to accept a roughly 50% reduction in their change-in-control severance packages as a condition for staying. By leaving, they get the full amount, thus giving them a financial incentive to depart.
