SAN FRANCISCO -- Major California banks and thrifts reported solid second quarter earnings gains on a day that one of the legendary figures of Golden State banking announced his retirement.

In a surprise move, Carl E. Reichardt, 63, chairman and chief executive of Wells Fargo & Co., will step down at yearend after twelve years at the helm of [he San Francisco-based bank company.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.