The chief executive of Wells Fargo made no promises about job losses Wednesday when he addressed a crowd of Wachovia Corp. employees, but said he would make every effort to retain workers amid the banks' multibillion-dollar merger.

"As we move forward, my job will be to help all of you stay with the company," John Stumpf told employees who packed the Wachovia Atrium in Charlotte. He said the company would work to "retain and retrain" workers in positions duplicated through the merger.

Wachovia CEO Bob Steel, who took over the beleaguered Charlotte-based bank in July, said he will no longer have an "operating role" in the company following the merger. Steel said he is now focused on ensuring that the merger runs smoothly and Wachovia continues to do well.

Wachovia agreed earlier this month to be acquired by San Francisco-based Wells Fargo in a deal initially valued at $15 billion, trumping Citigroup's plan to acquire the bank. The Federal Reserve on Sunday approved the acquisition, removing the deal's last major regulatory hurdle.

Stumpf said Wells Fargo plans to complete the deal, which still needs the approval of Wachovia shareholders, in December. He didn't provide specifics about changes to Wachovia, emphasizing the merger will take time, but said Charlotte would become the company's eastern headquarters. Wachovia has about 20,000 employees in the city.

Stumpf said no decisions have been made about keeping Wachovia's corporate and investment bank. In the past, Wells Fargo has said it didn't want to take on new investment banking units.

"There have been no decisions about anything. We just are so early into this announcement," Stumpf said. "We will take our time on all these businesses. Some businesses are new to us. Some businesses are new to Wachovia."

Steel described mixed emotions while speaking to employees, some of whom said they were relived to hear Stumpf describe plans to retain employees after several tumultuous weeks of financial uncertainty. But he said the merger was the best option for Wachovia.

"Wells Fargo is strong and stable and active in 80 different financial services businesses," Steel said. "I think they'll be a great partner."