Stan Kelly, formerly the head of Wachovia's wealth management division, will run the Carolinas region; Hugh Long will lead the Pennsylvania and Delaware region; Peter Jones will run Wells' Virginia, Maryland and Washington region; and Michelle Lee was chosen to lead the New York, New Jersey region, The Charlotte (N.C.) Observer reported Thursday.

Wells insiders Darryl Harmon will run Georgia, Tennessee, Alabama and Mississippi. Shelley Freeman will take over the Florida region, the newspaper said.

Wells Chief Executive Officer John Strumpf said he "couldn't be happier" with the transition as the company takes over Wachovia, which struggled to survive the subprime mortgage crisis. But, "I'm not going to kid anybody," he said. "There will be some job loss."

Some job cuts will be announced this year, he said.