Wells Fargo & Co., the San Francisco banking company that is buying Wachovia Corp., named Jay Welker president of the company's combined wealth management groups and announced other key appointments, according to a memo.

Mr. Welker is now head of Wells Fargo Wealth Management Group. Stan Kelly, the president of Wachovia's similar unit, is to remain in a leadership role and help with the transition, Wells Fargo said in the memo last week.

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