March 25, 2009

Wells Fargo tabs Wachovia executives

Wells Fargo & Co. has gone to the Wachovia well again for executives to beef up the management of its investment banking and capital markets group.

The Charlotte (N.C.) Observer reported Wednesday that Wachovia executives have landed a majority of the dozen open posts in the San Francisco banking company's investment banking unit.

Wells Fargo, which bought Wachovia, a Charlotte financial services company, in December, gave just two of the slots to its own executives, the newspaper said. The appointments were noted in an internal announcement Monday.

The executives report to Jonathan Weiss and Rob Engel, former Wachovia executives named to lead the unit in January.

The Observer said the moves further indicate Wells Fargo intends to remain in investment banking and capital markets businesses.

A Wells spokeswoman declined comment, the Observer said.