Wells Fargo & Co. is merging its Los Angeles and Orange County markets as part of a nationwide cost-cutting program.
The plan calls for Rob Myers to step down as president of the Orange County market after a year in the job.
Myers will be “seeking other opportunities within Wells Fargo,” according to the bank.
The new structure calls for regional Presi-dent John Sotoodeh to lead the combined market from Los Angeles. It will include 366 branches and nearly 6,100 employees in retail banking.
Orange County residents Ben Alvarado and Keith Kobata will oversee Orange County, splitting leadership duties for the area’s 100-plus branches here and reporting to Sotoodeh.
The changes come as Wells Fargo focuses on “reducing operating costs and creating improvements that support future growth,” according to a statement sent to the Business Journal.
Alvarado is a 20-year Wells Fargo veteran. He most recently served as senior vice president and regional president of the Long Beach market, which extended northeast through down-town Los Angeles, and south through Whittier and into Cerritos.
Alvarado oversaw more than 950 employees at 52 branches with nearly $4 billion in deposits at the Long Beach helm.
The Rossmoor resident began his career at Wells in 1991 as a bank teller and has served as a commercial loan officer, sales development coach and branch manager.
He will work from Irvine.
Alvarado has been meeting with executives here and learning about the branch network.
“I think it’s really important for our customers to know the senior leaders in the community,” he said.
Kobata, an Irvine resident, has spent 16 years with Wells, most recently serving as regional president for the Coastal Orange County market. He oversaw more than $6.2 billion in total assets, the area’s retail banking operation, and more than 480 employees at 34 branches in that post.
“We believe in local management,” he said. “That’s not changing.”
Wells Fargo is the county’s No. 2 bank, with $15.8 billion in deposits here through June, up 6.6% from a year earlier, according to data from the Federal Deposit Insurance Corp.
Charlotte-based Bank of America Corp. is the market leader with $16.2 billion in local deposits.
Myers, a Mission Viejo resident, took over as president of the Orange County market in July 2010.
Myers began his career in 1994 as a personal banker for Wells Fargo here. He later served as president for the South Orange County market. He was the business banking division manager for Southern California before taking the top job here.
