CHARLOTTE, N.C. -- The CEO of Wells Fargo said on Wednesday that it will take time to complete the merge with Charlotte-based Wachovia and he urged Wachovia employees to be patient.

“We are going to give it all we can to protect every job we possibly can,” John Stumpf said.

Before hundreds of cheering Wachovia workers Stumpf presented Wachovia CEO Bob Steel with a model of a stagecoach, the corporate symbol of Wells Fargo. It was likely a painful reminder of the tumultuous past couple of weeks that saw Wachovia nearly collapse, only to be bailed out first by Citigroup and later bought outright by Wells

While most Wachovia employees are no doubt wondering about their own jobs, Steel apparently knows his days are numbered.

“There’s not an operating role for me with the new company,” Steel said. “The people who are running Wells Fargo should be running Wachovia."

Stumpf fended off questions about job cuts among Wachovia’s 20,000 employees. He also said no decision has been made as far as Wachovia’s investment banking division, a part of the business Wells has stayed away from.

“If after analysis we decide that it is something that will serve customers we are open to anything,” Stumpf said. "There have been no decisions about anything. We just are so early into this announcement. We will take our time on all these businesses. Some businesses are new to us. Some businesses are new to Wachovia."

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.

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."

(The Associated Press contributed to this report.)