CHARLOTTE, N.C. -- Wachovia's chief executive officer spoke to business leaders in Charlotte early Thursday, but he gave little insight to potential job loses.

Bob Steel answered only questions from a panel of staff members at the Charlotte Business Journal.

He called the current economic times unprecedented and said a deal with Wells Fargo will bring jobs in the future.

But he never addressed layoffs likely coming to the city.

"I believe the combination that the Wells/Wachovia (merger creates) will have a stronger business model," Steel said. "So the prospect is for more growth over the future, and that means more jobs over time."

Officials from both companies expect the deal to be complete by the end of the year.

Steel did not speak to reporters, but a Wachovia representative said there is no estimate for potential job losses.

Wells Fargo officials also gave Eyewitness News a statement. It reads:

“We do not have an estimate on how the merger will impact Charlotte. However, Wells Fargo believes people are our greatest competitive advantage and retaining talented team members is critical to the company's success. As with any merger of this size, some duplicate positions will be eliminated but just because a position is eliminated doesn't mean the person in that position can't stay with our company in another position. We feel that an important test of the success of this merger will be how many talented team members we can retain so they can continue to grow personally and professionally with Wells Fargo. In addition, the combined company will have a strong presence in Charlotte, which will be headquarters for the combined company's East Coast retail and commercial banking business.“

RAW VIDEO: Wachovia CEO Bob Steel Talks About Future Of Charlotte Banking