Magazine article American Banker

U.S. Trust Rehires Pro for Expansion Drive

Magazine article American Banker

U.S. Trust Rehires Pro for Expansion Drive

Article excerpt

Richard E. Foley, who until 10 days ago led Chemical Banking Corp.'s private banking sales team, wants to prove Thomas Wolfe wrong.

"You can go home again," Mr. Foley said in an interview last week, after being named senior vice president for personal sales and business development at United States Trust Co., the New York bank at which he began his career in 1965.

Mr. Foley, 47, is an affable and well-regarded banker who has specialized in selling to the affluent from the start of his career. His switch from the newly expanded money-center to the specialized U.S. Trust comes as the latter is extending its franchise outside its New York base.

Cultural Sea Change

"It really isn't the bank that I started at" in terms of size or sales culture, he said, noting that U.S. Trust used to consider it unbankerly to knock on doors and ask for business.

All that has changed in a newly competitive private banking world that is driven largely by a quest for money management and advisory fees. U.S. Trust has extended its operations to California, Texas, and Florida in the past few years and just a few weeks ago won regulatory approval to buy a money management firm in New Jersey.

Mr. Foley's assignment is to oversee this aggressive effort.

"What I know how to do is create an environment where there's a disciplined selling effort," he said. "You want this to be a united effort."

High-Profile Position

Observers said Mr. Foley's progress will be closely watched. …

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