Wells Fargo chairman says doesn't want Citi CEO job

By Joseph. Giannone

NEW YORK, Dec 11 (Reuters) - Wells Fargo & Co (WFC.N) Chairman Richard Kovacevich, among several men rumored to be a possible candidate to fill Citigroup Inc's vacant chief executive post, told Reuters on Tuesday he's not interested in the job.

"I really can't compete against Wells Fargo," Kovacevich said in an interview. "It's been my life for 20 years. My colleagues are there, my friends are there, and so my loyalty is to the stage coach."

The logo of the San Francisco-based bank is a 19th century horse-drawn stage coach.

Kovacevich declined to comment if he had been contacted by Citigroup (C.N) or a headhunter about the job.

Citi has been seeking a new CEO since Charles Prince resigned last month under fire for presiding over growing credit problems. Unlike Wells, Citi has already posted billions of dollars in losses stemming from its exposure to hard-hit mortgage securities, CDOs and leveraged loans.

Kovacevich also made sense as a candidate given his roots at the New York financial giant. He left Citicorp as a top executive 21 years ago to join Norwest, a large Minneapolis regional bank that won over bank investors with its high returns and growth. Norwest merged with Wells in 1998.

Wells Fargo, the No. 5 U.S. bank, has remained a top pick among many investors. Despite being one of the biggest U.S. mortgage lenders, for example, Wells has emerged largely unscathed by the subprime slump.

Kovacevich stepped aside as CEO in June to become nonexecutive chairman and said he would remain at the bank no longer than the end of 2008, when he will be 65 years old.

(Editing by Richard Chang)