NEW YORK (Reuters) – Wachovia Corp (WB.N:) on Monday named David Zwiener chief financial officer, the first major hire announced since Robert Steel became chief executive of the fourth-largest U.S. bank in July.
Zwiener, 54, joins from private equity firm Carlyle Group, where he was a managing director and co-head of the financial institutions group. He was previously CFO at Hartford Financial Services Group Inc (HIG.N), the insurer.
At Wachovia, Zwiener replaces Thomas Wurtz, who shortly after Steel’s arrival announced his planned departure once a successor was named. Wachovia’s chief risk officer, Donald Truslow, also announced plans to leave. Zwiener will join the bank on October 1.
Steel is trying to restore profit and slash costs following Wachovia’s ill-timed $24.2 billion purchase of California mortgage lender Golden West Financial Corp in October 2006. Wachovia, based in Charlotte, North Carolina, lost a record $9.11 billion in the second quarter.
Last month, Steel told analysts he expected no further changes in the executive suite. He took the top job following Wachovia’s ouster in early June of predecessor Ken Thompson. Steel joined Wachovia from the U.S. Treasury Department, where he was deputy undersecretary for domestic finance.
(Reporting by Jonathan Stempel; Editing by Phil Berlowitz)