Wachovia's (WB) Steel: No More Management Firings, and I Probably Won't Dilute You Anymore

Wachovia (WB) CEO Robert Steel says he’s done overhauling Wachovia’s management. However, he waffled on whether Wachovia would need to raise new capital, saying he “didn’t think” so. WSJ:

During a private luncheon in Midtown Manhattan, “somebody asked him, ‘Do you foresee more management changes?’ ” said analyst Nancy Bush, who attended the event.

Mr. Steel responded with a flat “No,” according to Ms. Bush and another analyst who attended the meeting.

Speculation had swirled on Wall Street that more executives were headed for the block at Wachovia after Steel axed both CFO Thomas Wurtz and Chief Risk Officer Donald Truslow.

Steel was less resolute about Wachovia’s capital position, saying that he “didn’t think” that Wachovia needed more capital and that, if it did, it could be raised with a combination of cost savings and asset sales.

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