Wachovia Corp.’s President and Chief Executive Robert Steel has bought 1 million shares in the nation’s fourth-largest bank, according to a regulatory filing late Wednesday.

Steel spent about $16 million on shares Tuesday, the same day the Charlotte-based bank announced an $8.9 billion second-quarter loss and a turnaround plan, which includes eliminating more than 10,000 positions.

Steel, a former Treasury undersecretary and Goldman Sachs Group Inc. executive, was hired July 9 to lead Wachovia. He succeeded Ken Thompson, who was ousted by the bank’s board in June.

Wachovia’s shares rallied 27 percent on Tuesday after Steel detailed plans to improve the bank’s performance. Its shares continued to climb Wednesday, closing at $17.65, up 5 percent.