Magazine article American Banker

Montgomery Exec Plans NationsBank Client Harvest

Magazine article American Banker

Montgomery Exec Plans NationsBank Client Harvest

Article excerpt

Before accepting a post at NationsBanc Montgomery Securities Inc., Wall Street veteran W. Carter McClelland said, he did his homework.

"A lot of other situations that I looked at were much more like flying an airplane on autopilot," Mr. McClelland said. "NationsBank has a tremendous corporate client base, and I don't think it has been significantly mined yet."

Montgomery, the securities subsidiary of Charlotte, N.C.-based NationsBank Corp., announced last week that it has hired Mr. McClelland to be senior managing director and co-head of investment banking. He will start at the firm Sept. 8.

Mr. McClelland, 52, was most recently responsible for Deutsche Bank's high-profile attempt to build a securities business in the United States. A former executive at Morgan Stanley & Co., Mr. McClelland left Deutsche Bank in March after it scaled back its U.S. operations.

In an interview last week, Mr. McClelland said he had spoken with three or four European banks since leaving Deutsche Bank. But he decided not to work with another foreign bank - at least for now.

"Their knowledge of the U.S. market is still reasonably limited," Mr. McClelland said.

At Montgomery, Mr. McClelland will share responsibility for investment banking with its current co-head, Joseph M. Schell. He will succeed Lewis Coleman, the former vice chairman of BankAmerica Corp. who joined Montgomery in 1995.

Mr. Coleman has reportedly been tapped to become the firm's chief operating officer. …

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