The banking company had 29,400 workers at the end of 1989.
He was named to the top jobs at the banking company in 1974 and held them until 1981.
He said smaller banking companies would probably do the same.
But he said the banking company had held no talks with anyone in the Washington area.
The nation's largest banking company is on track for a record year.
That caused the banking company to experience a 1987 loss of more than $1 billion.
The banking company reported a record 1990 profit of $665 million, or $7.80 a share.
Some banking companies said the new rules would have little practical effect.
He also said no decision had been made on executive titles or the name of the new banking company.
The move resulted in a large loss for the banking company.