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Wachovia’s selection of a new chief executive, former U.S. Treasury Undersecretary Robert Steel, did little to put to rest speculation about the bank’s future on Thursday.
Steel, who helped guide the Treasury’s handling of the Bear Stearns crisis in March, was named to the job late on Wednesday. When investors had a chance to react Thursday [...]

CHARLOTTE, N.C. (AP) — Wachovia Corp. named Treasury Undersecretary Robert Steel chief executive on Wednesday, ending a nearly six-week search for a new leader.
But now the nation’s fourth-largest bank must convince shareholders — as well as employees — that it made the right decision. Wachovia said Steel plans to hold a meeting with employees Thursday [...]