Wachovia gets just one top spot at Wells Fargo
May 21, 2009
By MoneyAisle
The News & Observer reports that when Wachovia and Wells Fargo combine later this year, Wachovia will only be given one position on Wells Fargo’s top management team, which is comprised of 12 members.
Although Wachovia has traditionally been the buyer of banks, “Wells is clearly in charge in this marriage after buying the Charlotte bank after it neared collapse in September.”
Once the deal has been completed, at least five senior executives from Wachovia are planning to leave.