Though Wachovia Corp. CEO Bob Steel will be out of a job when Wells Fargo & Co. takes over the bank, Wells Fargo CEO John Stumpf told Wachovia employees yesterday that he will try to retain as many of them as he can, the Associated Press reported. Stumpf also said Charlotte will become the bank’s eastern headquarters, with about 20,000 Wachovia employees based in the city. Wachovia agreed earlier this month to be acquired by Wells Fargo in a deal initially valued at $15 billion. According to the San Francisco Business Times, Wells Fargo will move ahead in raising $20 billion, mostly through issuing common stock, to purchase Wachovia, which is in addition to the $25 billion in investments by the U.S. Treasury as part of its $250 billion plan to invest in banks. Bank of America Corp. has struggled to raise $10 billion in fresh capital, which caused it to drop its asking price from $28 to $22 per share.

HNI Corp.’s net income for its fiscal third quarter, which ended Sept. 27, was down 44.8 percent to $19.5 million, compared with $35.3 million in the year-ago period. Sales were down 1.7 percent to $663.1 million. Acquisitions accounted for $30.9 million, or 4.6 percent, of total sales. The company said an increase in operating costs and weak demand affected profits, but it helped offset some of these pressures with increased prices and cost-containment initiatives. HNI hosted a conference call at 10 a.m. this morning. For a replay of the call, dial (800) 475-6701 and use access code 960644.

The U.S. Department of Veterans Affairs will host a ceremony this morning at 11:30 at 3600 30th St. in Des Moines as it places the uppermost steel beam on its new extended care facility. The “topping out” ceremony is a tradition among ironworkers. The new $24 million facility, built by Russell Construction Co., will house 140 nursing care beds, clinic space for rehabilitation medicine and long-term-care space that is now offered at the VA Central South Health Care System’s Knoxville campus. Construction is expected to be completed in 2009.

Allan Landon, an Iowa native who’s chairman and CEO of Bank of Hawaii, will give a presentation on Friday at 11 a.m. in the Gerdin Business Building’s Stark Lecture Hall at Iowa State University. His lecture is part of the Robert Stafford Lecture Series on Banking in Iowa. Landon will discuses the current financial crisis, how to improve our banking environment, how to avoid value destruction and banking in Hawaii. The event is free and open to the public. Fore more information, go to www.business.iastate.edu/events/stafford.