New Wealth Management Head at Wells Fargo

Tom Burroughes

14 November 2008

Wells Fargo, the US bank which recently acquired rival Wachovia, has appointed its new senior executive line-up for divisions including wealth management.

Among the business group heads reporting to Mr Stumpf are David Carroll, senior executive vice president for Wealth Management, Brokerage and Retirement Services. Mr Carroll joined Wachovia's predecessor, First Union, in 1981 and has led Wachovia's Capital Management Group since January 2005.

He led several businesses and groups at Wachovia, including Corporate Services and Merger Integration, Marketing and Mortgage; eCommerce and technology, and General Banking Groups in Florida, Georgia, South Carolina and Virginia.

In other appointments, Dave Hoyt, senior EVP, is to lead wholesale banking. In addition to his current Wells Fargo responsibilities, Mr Hoyt will be responsible for those businesses in the Corporate and Investment Banking group at Wachovia including Global Markets and Investment Bank, Global Capital Finance, Global Financial Institutions and Trade Services, and Treasury Services.

Mr Hoyt is a 27-year Wells Fargo veteran, and formerly managed the Capital Markets Group.

Carrie Tolstedt, senior EVP, will be responsible for the combined Wells Fargo-Wachovia Community Banking. She was named a Senior EVP in 2007, a Group EVP in 2001, and was a regional president for Central California 1998-2001.

"This new organisation structure is our first major step in taking full advantage of the complementary strengths, economies of skill and scale, and leadership talent of our combined companies. It's also the structure on which we'll base many more announcements in the very near future on the direct reporting relationships to these leaders representing talent from both companies,” president and chief executive John Stumpf said in a statement.