US Bank names Treasury undersecretary as new CEO
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CHARLOTTE, North Carolina - Wachovia Corp., the fourth-largest U.S. bank, named Treasury Undersecretary Robert Steel chief executive on Wednesday, ending a nearly six-week search for a new leader.
The Charlotte-based bank also said it has set aside $4.2 billion pretax to cover bad loans for the quarter, leading to an estimated second-quarter loss of about $2.6 billion to $2.8 billion.
The quarterly loss will equal $1.23 to $1.33 per share, excluding an expected write-down of goodwill.
Analysts polled by Thomson Financial expected a profit.
Wachovia is expected to release second-quarter earnings on July 22.
Steel succeeds Ken Thompson, who was ousted by the bank's board in June after a series of missteps.
Among them was Thompson's decision to buy mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation's housing boom.
Steel, 56, who has been the Treasury Department's liaison with Wall Street since the fall of 2006, announced his resignation Wednesday, effective immediately.
He is an alumnus of investment bank Goldman Sachs Group Inc.
He is also a Durham, North Carolina, native and is chairman of the Board of Trustees at Duke University, his alma mater.
Treasury Secretary Henry Paulson praised Steel and said, "I know he will excel in his future endeavors.''
Lanty Smith, who had been serving as interim chief executive, will remain Wachovia's chairman.
Smith earned his law degree at Duke and served on the board of trustees from 1997 to 2003.
"We love Bob's background,'' Smith told The Associated Press.
"He has deep expertise in financial services, the experience in Washington with government, is somebody that's really smart and can look at things from an intellectual point of view and can also get in the weeds and really understand details and manage quite effectively.''
Smith added that "there's a very proud connection'' with Duke University, and that the two "worked very closely together'' on the board of trustees.
All business and staff units will report to Steel. Ben Jenkins, who had been interim chief operating officer, will continue to serve as vice chairman and head of the general bank, the bank said.
Wednesday's announcement of a new CEO may hush market rumors that Wachovia is an acquisition target, though the selection of Steel could also fuel questions about the relationship between Wachovia and Goldman Sachs, which has been rumored to be interested in acquiring the bank.
Wachovia last month hired Goldman Sachs to analyze its troubled loan portfolio.
Smith said Wednesday the company plans to remain independent, despite rumors of a possible takeover.
And while Steel's impressive resume could help satisfy restless shareholders, he doesn't have experience running a retail bank, Wachovia's forte.
Wachovia said Steel plans to hold a meeting with employees Thursday morning in Charlotte.
"I have a background of what I would describe as team-oriented, collaborative management. That's what I learned from 30 years at Goldman Sachs,'' Steel said in an interview.
"My job isn't basically to go three or four levels down and fix things, my goal is to encourage people to use their skills to figure out the right answers by evaluating and developing a discussion.''
Wachovia shares closed Wednesday down 8 percent at $14.29.
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