Wachovia Corp. Chief Executive Officer Robert Steel was forced to sell the bank’s consumer business to Citigroup Inc. for $1 a share just 80 days after pledging to win back shareholders’ confidence.
”It was obvious he was working 24-7,” said Thad Woodard, president of the North Carolina Bankers Association, who met with Steel two weeks ago in Charlotte. ”He told us that he simply hoped that the regulators would give Wachovia enough time.”
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