Wachovia Corp. Names Robert "Bob" Steel as CEO, President

Wachovia Corp. named Robert K. "Bob" Steel as their new Chief Executive Officer, President and member of the board of directors on Thursday.

Wachovia announced that the move will be effective immediately.

Steel, 56, most recently served as Under Secretary for Domestic Finance for the U.S. Department of Treasury. Steel previously spent the majority of his career at Goldman Sachs & Co., where he spent close to 30 years.

Steel is credited with helping to engineer JPMorgan Chase & Co.'s recent purchase of Bear Stearns Co.

Lanty Smith, who has served as Wachovia's interim CEO since Ken Thompson was let go as the bank's chief executive, will continue in his role as Wachovia's Chairman of the Board.

Steel chairs the Duke University's Board of Trustees and he has previously served on the board of Barclays Bank. Steel received his undegraduate degree from Duke and his MBA from the University of Chicago.

Wachovia also announced that it expects to take an after-tax loss of up to $2.8 billion, or up to $1.33 per share, for the second quarter. The bank said it expects to set aside $4.2 billion to cover loan losses, including $3.3 billion for losses related to its former pick-a-payment loan product which it inherited through its $24 billion acquisition of Golden West Financial Corp. in 2006.

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