Magazine article American Banker

Unionbancal Brokerage Chief Quits after Job Is Scaled Back

Magazine article American Banker

Unionbancal Brokerage Chief Quits after Job Is Scaled Back

Article excerpt

Unionbancal Corp. of San Francisco has hired a new brokerage chief, to succeed one who is leaving because his responsibilities were chopped back in a reorganization.

Former Washington Mutual Inc. executive Ken Lepore will take the helm next month at UBOC Investment Services Inc. as president and chief operating officer. Mr. Lepore, 42, will succeed president and chief executive Richard W. Smiley, whose last day will be Friday.

Mr. Smiley, 54, lost responsibility for sales and marketing in August. That is when Unionbancal, which is mostly owned by Bank of Tokyo-Mitsubishi Ltd., combined its brokerage unit, personal trust, private banking, and responsibility for high-net-worth customers into a newly created wealth management unit.

Honoria Vivell, a bank executive vice president, was put in charge of the new unit, and its sales and marketing were entrusted to Terry Chambless, a senior vice president.

Mr. Smiley said he is leaving because his duties were changed. He said he has no immediate job plans. Before the reorganization, 40 investment counselors reported to Mr. Smiley, Ms. Vivell said. The investment counselors now report to Mr. Chambless, as do 12 business development officers who had reported to others.

The changes also prompted the departure of Lisa Hensley, sales manager for the brokerage unit, Mr. Smiley said. Two senior vice presidents who managed units within the private bank have left, a spokeswoman said.

Mr. …

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