Wells Fargo & Co. is merging its Los Angeles and Orange County markets as part of a 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.
“Rob Myers, who is a highly valued employee, will be seeking other opportunities within Wells Fargo,” the company said. “We believe the new structure allows us to reduce costs while positioning us to better leverage resources to serve our customers.”
The San Francisco-based bank informed employees of the changes before announcing them publicly. It said the moves are aimed at “reducing operating costs and creating improvements that support future growth,” according to a statement sent to the Business Journal.
The changes affect retail banking in the Orange County region, which has some 1,700 employees in more than 100 locations.
Wells Fargo is the county’s No. 2 bank with $15.8 billion in deposits 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 regional president in July 2010.
He began his career in 1994 as a personal banker for Wells here. He later served as president for the South Orange County market.
Before landing the county’s top job, Myers was the business banking division manager in Southern California.
He graduated from the University of California, Irvine, and earned a business master’s from Pepperdine University.
More details on the changes at Wells Fargo will be available in the Aug. 15 edition of the Business Journal.
Myers replaced Hector Retta, a 30-year Wells Fargo veteran who relocated to his native Texas.