Wells Fargo & Co. awarded just one position on its 12-member management team to Wachovia Corp. and announced that several Wachovia executives will leave after Wells' deal to buy Wachovia closes next month.
David Carroll, who runs Wachovia's capital management group, is to oversee wealth management and brokerage at Wells, the companies said in an internal memo issued Thursday. He would no longer run asset management.
Robert K. Steel, Wachovia's president and chief executive, had already said he would not stay on. That means the highest-level departure announced Thursday was that of vice chairman Benjamin Jenkins 3rd, who runs Wachovia's general bank.
Cecelia Sutton, who reports to Mr. Jenkins as Wachovia's head of retail and small-business banking, is set to join Morgan Stanley in January as the president of the New York investment bank's newly minted retail bank.
Other longtime executives who are leaving include Stephen Cummings, the head of corporate and investment banking, and Shannon McFayden, who runs human resources.
Two relative newcomers — Jane Sherburne, who joined in May as general counsel, and David Zweiner, who became the chief financial officer in September — are also leaving.