Robert King "Bob" Steel

"Robert King "Bob" Steel (born August 3, 1951) is an American businessman, financier and government official who has served as Deputy Mayor for Economic Development in the administration of New York City Mayor Michael Bloomberg, Under Secretary for Domestic Finance of the United States Treasury, chief executive officer of Wachovia Corporation and vice chairman of Goldman Sachs [1976–2004].

In 1994, he relocated to New York and served as co-head of the Goldman Sachs Equities Division from 1996 to 2002 until his appointment as a vice chair of the firm.  Upon his retirement from Goldman Sachs on February 1, 2004, he became advisory director and then senior director in December 2004.

Steel was appointed Under Secretary for Domestic Finance at the United States Department of the Treasury on October 10, 2006 and served until July 9, 2008. He was the principal adviser to the secretary on matters of domestic finance and led the department's activities regarding the U.S. financial system, fiscal policy and operations, governmental assets and liabilities, and related economic matters.

As economic conditions worsened in 2007 and 2008, Steel helped design the federal government's response.

On July 9, 2008, Steel was named president and CEO of Wachovia.

Steel was adamant that Wachovia would stay independent. However, by September 2008, market conditions had deteriorated severely. On September 26, Wachovia lost almost one percent of its deposits, leading regulators to force Wachovia to put itself up for sale...

In January 2009, The Wall Street Journal reported that the Securities and Exchange Commission was investigating claims Steel made about the future of the bank before it started talks about a potential merger.

Following the merger, Steel was invited to join the board of Wells Fargo and served on the firm's credit and finance committees.  In 2010, upon being appointed Deputy Mayor for Economic Development of New York City, Steel resigned his seat on the Wells Fargo board.

On June 22, 2010, Steel was appointed by New York City Mayor Michael Bloomberg to serve as Deputy Mayor for Economic Development.

In May 2014, he was tapped to succeed Joseph R. Perella as chief executive officer of Perella Weinberg Partners, a private investment banking and asset management firm."

"Perella Weinberg Names Ex-Treasury Official Robert Steel CEO

By David Welch  May 28, 2014

Perella Weinberg Partners named Robert Steel its chief executive officer, picking the former Treasury Department official who oversaw the sale of Wachovia Corp. to replace co-founder Joseph Perella.

...Steel, 62, who had previously worked with Peter Weinberg at Goldman Sachs Group Inc., considered joining Perella Weinberg when the firm opened its doors in 2006, he said. Instead he went to work for the government, where he was a Treasury under secretary before he became CEO of Wachovia in July 2008 -- as the Charlotte, North Carolina-based bank was reeling from its exposure to the U.S. real-estate market.

Wachovia Sale

Wachovia agreed to sell itself to Wells Fargo & Co. (WFC) in October of that year, after regulators told the company to seek a merger partner because it was on the verge of collapse.

Steel, who was most recently New York City’s deputy mayor for economic development under Michael Bloomberg, will take the post in July, according to today’s statement. The former mayor is founder and majority owner of Bloomberg News parent Bloomberg LP.

Perella Weinberg ranks 20th among M&A advisers this year, having worked on $36.6 billion in announced deals, data compiled by Bloomberg show. In 2013, the firm ranked 30th, the data show. Its asset management business oversees about $11.5 billion, according to today’s statement.


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