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.
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, are to join Mr. Welker and two other Wells Fargo officials in leadership posts. Mr. Ludeman will remain president of Wachovia Securities, and Mr. Papadopulos is to be president of retirement services.
Christine Deakin will be head of business services, overseeing strategy, marketing and communications.
Wells' Clyde Ostler is to be the president of family office services, which serves clients with more than $50 million of assets. Wells said it expects to close the Wachovia purchase about Jan. 1, according to the memo.
The acquisition will make Wells Fargo the second-biggest U.S. bank by deposits with $774 billion and create the largest branch network.
A spokeswoman confirmed the accuracy of the memo.
