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Wachovia to Name New CFO: Report

TSC Staff

The leading candidate as the new chief financial officer of Wachovia(WB) is Carlyle Group's David Zwiener, according to a media report.

An announcement from the Charlotte, N.C. -based Wachovia could come later this week, the Wall Street Journal reports.

Zwiener, currently a managing director in the New York office of private equity firm Carlyle, would be the first big hire for CEO Robert Steel, who joined the struggling bank in the summer following the dismissal of CEO G. Kennedy Thompson, the Journal reports. After Steel arrived, Chief Financial Officer Thomas J. Wurtz announced he planned to leave once a successor was named.

Wachovia has suffered from the performance of a nontraditional mortgage business it bought two years ago, the Journal reports. The bank reported a $9.1 billion loss in the second quarter and said it plans to cut 10,750 positions, including 6,350 from its mortgage operations.