Magazine article American Banker

Keycorp, Meridian Tap Retail Bankers for Brokerage Units

Magazine article American Banker

Keycorp, Meridian Tap Retail Bankers for Brokerage Units

Article excerpt

In moves meant to link their brokerage units more closely with other retail operations, Keycorp and Meridian Bancorp have named veteran consumer bankers to manage investment product sales.

Keycorp in February quietly replaced brokerage chief John Mastriani with Jack Kopnisky, who was president of the company's Cincinnati bank. Mr. Mastriani resigned as head of Keycorp's brokerage a few months after the company's merger last year with Society Corp.

Last month Meridian named David E. Dietrich, a longtime retail executive at the banking company, to head the investment program. Mr. Dietrich replaced Richard Munoz, who had managed Meridian's branch-based investment product sales program since its 1992 inception. Mr. Munoz and bank officials declined to say whether he left on his own accord or was pushed. The appointments highlight an emerging trend: to closely integrate retail brokerage and banking operations. To this end, more banks are tapping retail banking executives to oversee branch-based investment product sales units, industry analysts say.

The integration allows banks to become "very focused" at offering a full range of financial services, including deposits, checking accounts, mutual funds, said P. Sue Perrotty, group executive vice president at Meridian, and Mr. Dietrich's boss.

Mr. Dietrich's appointment "fits our broader view of how consumers do business with us," Ms. Perrotty said.

She added that by naming Mr. Dietrich, who has spent two decades with the Reading, Pa., banking company, Meridian is signaling to employees its commitment to investment products. …

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