CEO Bob Steel speaks on the future of Wachovia

Posted on 20 Nov 2008 by James Willamor

Wachovia President and CEO Bob Steel spoke publicly for the first time Thursday morning regarding his company’s merger with Wells Fargo. Steel addressed around 800 attendees of the Power Breakfast 2 at the Charlotte Convention Center, an event sponsored by the Charlotte Business Journal. Before today, Steel has only spoken about the merger with Wachovia employees.

When asked about NC State Treasurer Richard Moore’s statement on the Wells deal amounting to “highway robbery,” Steel responded “The Wells deal is the right deal for Wachovia.” Steel went on to say that “A hundred and three combinations and mergers is what built Wachovia… and this is just the latest one.”

When asked about the uncertainty of the stock market, Steel said “confidence and capital are key” to leveling the market. Also, the sooner President-elect Barack Obama announces his economic team, the better.

The Power Breakfast 2 concluded with a recorded video message from Wells Fargo President and CEO John Stumpf. In the brief message Stumpf said Wells Fargo will have a strong commitment to its “customers, team members, shareholders, and the community.”

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