Wells Fargo CEO to speak to Wachovia workers in NC

WINSTON-SALEM, N.C. (AP) - Wells Fargo chief executive John Stumpf is talking with Wachovia employees in North Carolina ahead of his firm's nearly $13 billion acquisition of the Charlotte bank.

Stumpf went to Winston-Salem this morning, where Wachovia's wealth management division is based. Bank officials have said about 600 division employees work in Winston-Salem, along with about 3,000 other bank employees.

Wells Fargo has said it plans to reduce annual expenses by $5 billion at the combined company. Stumpf told employees in Charlotte he would try to keep most workers but made no guarantees.

The San Francisco-based bank plans to maintain an East Coast headquarters in Charlotte.