Having won the takeover fight, Wells Fargo & Co. chairman Paul Hazen is now preparing for another grueling task: chopping the combined staffs of Wells and First Interstate Bancorp.

"It doesn't make you feel warm and fuzzy to think of people losing their jobs," Mr. Hazen said in an interview on Thursday. But, he said, "You're going to have to do the things that allow you to be competitive."

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