DATE: Dec. 23, 2008
TO: All Wachovia Colleagues
FROM: Robert K. Steel, President and CEO
RE: End-of-Year Message
Earlier today, Wachovia shareholders approved the merger with Wells Fargo at a special meeting. The merger is expected to be completed by Dec. 31.
As this final chapter in our long history comes to a close, I want to thank all of you for the extraordinary contributions you have made to our company. Despite an extremely difficult year, you stayed focused on taking care of Wachovia’s customers, communities, shareholders and each other. In fact, even in extremely challenging circumstances, you delivered the service that underscores why Wachovia has been rated No.
1 in customer satisfaction for seven consecutive years.
It has been my privilege to be a part of this team for the past six months. As announced previously, I will not be in an executive management role at Wells Fargo; however, I will join the Wells Fargo board of directors following the completion of the merger. The Wells
Fargo board has also elected the following members from Wachovia’s board: John D. Baker, Donald M. James and Mackey J. McDonald.
As the year draws to a close, I want to wish each of you the best during the coming new chapters of the company’s history. Let me also thank members of the Operating Committee for their leadership and long history of dedication. Steve Cummings, Ben Jenkins, Shannon McFayden, Ken Phelan, Jane Sherburne, Cece Sutton, Ben Williams and David Zwiener will leave Wachovia upon completion of the merger. Please join me in recognizing and thanking them for their service.
The holidays are a time for rejuvenation, and I hope you enjoy them. The new year, 2009, arrives with tremendous opportunities as the new Wells Fargo takes its place as one of the world’s great companies. I have every confidence–and you should, too–in your abilities and enthusiasm.
Thank you.
*Take me with you.
Didnt read… too much bank failure
This guy was a giant in our industry. He was able to orchestrate our strategic synergies and levelset our tablesteak – in an organic going forward space – far better than that other guy (the one who bought that bank because the other guy –from across the street – bought another bank and his winky felt smaller. Anyway,) all Wachovians mourn his passing.
Did read. same old shit that real people do not relate to. Just a plain: “We fucked up. Sorry. Good bye.” , would have been better.
Nice words from a caretaker CEO.
I’m sure he’s not going to have to worry about where his next meal is going to come from.
@2 they’re not wachovians anymore…also, this is a genuine question– do veteran wachovians really feel a connection to a guy who was there SIX MONTHS?
Didn’t read, too much mugshot.
Is that his passport picture or a mug shot?
@5. Only if they understood my second sentence.
“I will not be in an executive management role at Wells Fargo; however, I will join the Wells Fargo board of directors following the completion of the merger.”
Because I’m good enough, I’m smart enough and gosh-darnit, people like me !
@2- in english, pls
I didn’t even know Mel Gibson was in banking now.
“The Wells Fargo board has also elected the following members from Wachovia’s board…”
Nice Freudian slip. Shareholders are supposed to elect the board, but it’s nice to see a board member admit in writing that shareholders have no role in corporate governance.
Back to selling used cars.
This certainly has a “Schoooool’s out fo evaaaa!” feel to it.
He’s got that badass Miami Vice coke dealer look down pat.Jeff Fahey will play his life story.
Mackey McDonald is a baller–I wear wrangler and northface everyday.
#1… i read these things every once in a while and every time you say the same gay shit. get a fucking life will you? what, do you sit there and press F5 waiting for a new post? you fucking tool. hahaha get a fucking life!!
Bu bu but … Charlotte sucks! You guys suck!
@2, please please tell me that you’re sarcastically imitating the type of guy who buys business books advertised in airline magazines.
that’s not mel gibson, it’s jeff skilling . . . and he’s loose!!! lock up your daughters/401(k)s.
@12 Depending on what the charter/bylaws/merger agreement say, the board can typically create new seats and fill the vacancies itself. that’s probably what they did here. but your general point (that shareholders have no role in governance) is correct.
@19 – welcome to dealbreaker. you are an idiot.
‘wachovian’ here. right guy, possibly right place, but wrong time for bob. yes he was only here 6 months and i don’t think anyone grew attached to him, but i think there is a lot of anger toward the board that they didn’t do this sooner (not sure it would have helped). he was a great hire and came back to north carolina from his lofty perches at goldman and the gov’t to try to right the ship – and he sank a ton of money into wachovia stock and lost millions…so i think if nothing else people give him the benefit of the doubt for his intentions, and feel bad that he got screwed. i think bob will be just fine though.
Easy to be snarky and I’m always happy to oblige, but Bob Steel took on a shit storm that was not of his making, and as an ex-GS partner, believe me, he didn’t need the money. As a matter of fact, he lost money. He did the best job humanly possible under extremely difficult circumstances. Because of the Wells deal, a lot fewer Wachovia people are going to be laid off. Ken Thompson blew Wachovia up, not Bob Steel. This was a triage deal, he saved as many as could be saved. Good guy, did OK.
@2 – nice comment. I enjoyed it.
@23, +1.
@Steel, way2save!
http://www.bailoutchris.com
@23–no problem with Bob, he was hired to put lipstick on the pig and sell it, but things went south too quickly.
Not sure how you figure the Wells deal creates fewer layoffs though. Citi would have been better for the most peeps at WB.
Under Citi:
–2 or 3 IBankers get to move to NYC, the rest get the neutron bomb
–Retail is largely intact, since all they would be doing is integrating a small branch network from a bank who can’t do retail
–Brokerage–slow death until the Pru put then probably all dead
Under Wells:
–2 or 3 IBankers get to stay, the rest get the neutron bomb
–Retail largely gets the neutron bomb
–Brokerage dies a slow death
@27 Fact: you have no idea what you’re talking about.
@6 – genious
@27, wb retail is not getting nuked you stupid sob
@29, nice spelling you stupid sob
Are you fucking kidding me? Dukie Bob Steel came into help save Wachovia, a ship that the UNC man Ken Thompson destroyed. As a great Goldman alum, he invested money into the company by purchasing shares, bought a house in Charlotte, and chose not to take any severance or bonus. He lost some serious money on this deal – not that he was hurting for cash before. Props to him.
@31, Steel also chose not to give any of his employees a bonus in ’08. So, no, Wachovians are not going to miss this guy.
@32 actually, no. WFC’s board chose not to give WB employees a bonus. How that’s legal, I have no idea. So, WFC gets to accrue the gain from bonus that was allocated in earnings, but never paid out.
@27: You are an idiot and wrong. Why would the ibank, retail, and brokerage all get the “neutron bomb?” That’s the entire company.
@32: No one at WB should get bonuses – the company almost went under. That is not a bonus worthy year to me.