In a clear sign that Wells Fargo & Co. executives will dominate after the merger with First Interstate Bancorp, two top-level Interstate executives have said they will leave when the deal is completed this spring, a First Interstate spokeswoman said.
The departing executives, Linnet F. Deily, 50, head of retail banking, and Bruce G. Willison, 47, head of wholesale banking, had been seen as the most likely of First Interstate's senior executives to stay after the merger.
But they either were not offered jobs at the post-merger bank or preferred taking millions of dollars in golden parachute payments, executive recruiters said.
Ms. Deily and Mr. Willison were not available to explain their decision, said First Interstate spokeswoman Shirley T. Hosoi.
"Wells is going to go with their team," said Michael C. Bruce, a director in Los Angeles at executive recruiter SpencerStuart.
Mr. Bruce has done recruiting work for First Interstate, helping both Ms. Deily and Mr. Willison hire employees for the bank.
Recruiters now believe the most likely to remain of First Interstate's top team is executive vice president and bank technology group head Daniel R. Eitingon. Mr. Eitingon has said he would be willing to stay if Wells offers him a reasonable position.
First Interstate chairman William E.B. Siart has already said he will leave. A change-in-control severance agreement entitles him to $4.6 million. He will also get a guaranteed bonus of $864,000 and the activation of stock options worth $16.6 million.
Ms. Deily will get severance of $2.3 million, a bonus of $430,000, and stock worth $7 million.
Mr. Willison is due severance of $2.7 million, a bonus of $450,000, and stock worth $7.2 million.
San Francisco-based Wells plans to complete the merger April 1.