Wells Fargo & Co., the San Francisco-based bank that is buying Wachovia Corp., named Jay Welker president of the company's combined wealth-management groups, according to a memo released to employees.

Welker is now head of Wells Fargo Wealth Management Group. Stan Kelly, president of Wachovia's similar unit, will stay in a leadership role and help with the transition, Wells Fargo said in the memo last week. Spokeswoman Kathleen Golden confirmed the accuracy of the memo.

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