Wells Fargo & Co. has chosen David Carroll, head of Wachovia Corp.’s capital-management group, to lead the combined firms’ wealth management efforts.

A Wells spokeswoman says Carroll will be the only Wachovia executive who will report to Wells Chief Executive John Stumpf after the merger.

Carroll’s responsibilities will include businesses such as retail brokerage, investment management and retirement services.

Wachovia CEO Bob Steel isn’t planning to stay after the bank is sold.

San Francisco-based Wells Fargo & Co. (NYSE:WFC) is buying Wachovia in a deal slated to close next month. It was valued at $15.1 billion when it was announced Oct. 3. The merger is expected to make Wells Fargo the largest bank in Sacramento, ahead of current leader Bank of America.

This week Morgan Stanley announced two senior Wachovia executives joined its retail banking group.

Cece Sutton will become its president and Jonathan Witter has been named its chief operating officer.

Sutton is leaving her post as executive vice president and head of retail and small business at the Charlotte-based bank (NYSE:WB), where she was responsible for 33,000 employees.

Sutton will join the management committee of New York-based Morgan Stanley (NYSE:MS).

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