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.
Wells Fargo outbid Citigroup Inc. in October to buy Wachovia under pressure from regulators who pressed the Charlotte, North Carolina-based bank to sell after it had $9 billion in losses during the first half. The acquisition will make Wells Fargo the second-biggest U.S. bank by deposits with $774 billion and create the largest branch network.
David Carroll, a Wachovia senior executive vice president, will head Wells Fargo's wealth, brokerage and retirement services group, as previously announced. Two Wachovia executives, Danny Ludeman and John Papadopulos, will join Welker and two other Wells Fargo officials in leadership posts.
Ludeman will continue as president of Wachovia Securities, the third-largest U.S. brokerage firm based on assets, while Papadopulos will be president of retirement services.
Wells Fargo's Clyde Ostler will become president of family office services, which works with clients with more than $50 million in assets. Christine Deakin will be head of business services, overseeing strategy, marketing and communications.
Wells Fargo expects to complete the acquisition of Wachovia around Jan. 1, according to the memo.