Wachovia Corporation, the country's fourth largest bank, hired a Wall Street veteran and expert in risk management, Robert Steel, as chief executive officer to help lasso down runaway losses tied to the US housing market, the company said Thursday, dpa reported.
The company has lost more than 3 billion dollars this year with the quick deflation of the mortgage market that has seen hundreds of thousands of homeowners walk away from their debts.
Steel, 56, is a former vice chairman of Goldman Sachs Group Inc and a one-time top official in the US Treasury Department.