“Given the merger integration with Wells Fargo and Wachovia, we believe it no longer makes sense to invest in promoting the Wachovia brand via
the tournament,” said David Carroll, a former Wachovia executive who heads Wells Fargo’s wealth management, brokerage and retirement services group. “In the current environment, we also believe that promoting this event with our brand could send mixed signals about our priorities to many of our stakeholders.” To that end, Wells Fargo is curtailing client entertainment at the tournament, in obvious response to the criticism leveled at Northern Trust, which held a number of lavish parties when it was host to the PGA Tour event that bears its name earlier this year at Riviera Country Club in Los Angeles.
Like Northern Trust, Charlotte-based Wachovia and Wells Fargo received bailout money from the federal government.