Magazine article American Banker

B of A Shake-Up Puts New Crew at Sequor Helm

Magazine article American Banker

B of A Shake-Up Puts New Crew at Sequor Helm

Article excerpt

In a massive shake-up of wholesale banking operations, BankAmerica Corp. has installed several of its own people in top positions at a former Security Pacific Corp. unit.

BankAmerica officials said the moves were aimed at speeding the consolidation of some wholesale operations acquired in its merger with Security Pacific.

Problems at Sequor

But sources close to the bank said the reorganization was also in response to plummeting earnings at the former Security Pacific unit, Sequor Group.

Many of the current executives at Sequor - which provides trust, securities-lending, and cash-management services - plan to take advantage of lucrative severance packages that will expire this month, sources close to the bank noted.

Said to be in discussions about leaving are Salvatore Ricca, chief executive officer of Sequor; Thomas Connaghan, an executive vice president of institutional trust; Frank Souder, head of securities lending; and Joseph Laudone, a senior vice president, according to sources.

Bank America declined to comment, citing employee confidentiality.

The resignation would be the latest in a steady stream that starter just after the April 1992 merger.

Earnings Slump Noted

One source close to Sequor said the businesses have shrunk dramatically since the merger. The source said that after-tax annual earnings are about $25 million, down from $60 million.

Bank America named Richard T. Griffith, an executive vice president formerly in charge of wholesale back-office operations, as chief executive officer of Sequor Group Inc., Bank-America Trust Co. of New York, Security Pacific Clearing and Services Corp., SPC Software Services, Inc., and several other wholesale units.

Mr. Griffith will report to Richard M. Rosenberg, Bank-America's chairman and chief executive officer. …

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