UPDATE 1-Wachovia gets just 1 of 12 top Wells Fargo jobs

* Wachovia's David Carroll to oversee wealth management

* Wells Fargo's Oman to handle Pick-a-Pay mortgages

* Wachovia brokers may not be mollified

By Jonathan Stempel

NEW YORK, Nov 14 (Reuters) - Wells Fargo & Co (WFC.N) executives will dominate upper management after the bank buys Wachovia Corp WB.N, controlling 11 of the top 12 jobs.

David Carroll, Wachovia's head of capital management, is the only executive from that bank who will join Wells Fargo's executive team, overseeing wealth management, including the 14,600-broker Wachovia Securities unit, Wachovia said.

Among the Wells Fargo executives who will stay are Mark Oman, who will oversee home lending, including a troubled Wachovia mortgage portfolio; Howard Atkins, chief financial officer; Carrie Tolstedt, who will run retail banking; and Dave Hoyt, who will oversee wholesale banking, investment banking and Wachovia's Evergreen asset management unit.

The management team will be led by Chief Executive John Stumpf, who announced the appointments internally on Thursday. Wachovia Chief Executive Robert Steel, retail banking chief Ben Jenkins, corporate and investment banking chief Steve Cummings and Chief Financial Officer David Zwiener are not staying on.

Acquiring companies often control upper management after mergers. Wells Fargo's dominance is notable, given that Wachovia is larger and has a widely admired retail banking unit.

"It suggests there may be more change for Wachovia employees than they thought there would be," said Howard Diamond, chief executive of Diamond Consultants, a Chester, New Jersey, executive search firm.

Wells Fargo agreed on Oct. 3 to buy Wachovia for $15.1 billion, trumping a lower bid by Citigroup Inc (C.N).

Two other senior Wachovia retail banking executives, Cece Sutton and Jonathan Witter, are joining Morgan Stanley (MS.N) to run its retail banking operations, after the Wall Street bank converted in September to a bank holding company.

Wells Fargo expects to complete its purchase of Wachovia this year. The merger would create the nation's fourth-largest bank by assets, with $1.4 trillion, and largest branch network, with more than 6,600 offices.

The combined company will keep the Wells Fargo name and be based in San Francisco, but run East Coast operations from Wachovia's headquarters in Charlotte, North Carolina.

Wells Fargo plans to eliminate $5 billion of annual costs, but has not disclosed specific job cuts.

Regulators had pushed Wachovia to find a buyer after losses soared on a $118.7 billion adjustable-rate mortgage portfolio, and customers withdrew billions of dollars of deposits.