Wachovia Hires (Man of) Steel

So Wachovia has a new CEO named Robert Steel, and the paper's accounts of him today paint him as a bit of a superman. It reminds me of the day-after coverage of Panthers and Bobcats draft picks--always the right pick, always a future superstar.

Anyway, Steel does have a very impressive resume, including stints at Goldman Sachs and as undersecretary of the U.S. Treasury Department. For a Beltway-centric story on the hiring, check out The Washington Post's coverage.

One curiosity that was mentioned briefly in The Observer's coverage: Steel is essentially an investment banker. He has no experience running a retail bank. Yet Wachovia is a retail bank, and amidst the recent troubles, many analysts are calling for Wachovia to deemphasize the investment banking and get back to its core retail banking roots. It'll be interesting to see how that plays out with Steel at the helm. Let's all hope it goes well. 

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