Magazine article American Banker

Bank One Names Retail Chief

Magazine article American Banker

Bank One Names Retail Chief

Article excerpt

Bank One Corp. said Monday that it has named R. Michael Welborn as its new head of retail banking.

Mr. Welborn succeeds Kenneth T. Stevens, who resigned unexpectedly.

Bank One, the nation's fourth-largest banking company, is in the midst of a companywide restructuring designed to clear up its balance sheet and bring more financial discipline to its business units.

Mr. Welborn, 49, was head of $280 billion-asset Bank One's middle-market lending operations. David P. Bolger, who oversees treasury management, international banking, and other corporate banking functions, has assumed responsibility for the middle-market segment at the Chicago company.

The company also said that James S. Boshart, head of capital markets, will take on banking for large U.S. corporate customers.

Mr. Stevens will remain at Bank One for a few weeks to assist Mr. Welborn in transition, the company said.

In an interview Monday, Mr. Welborn said he intends to spend some time with the retail bank's 30,000 employees before making changes, but added that "there will be change."

Mr. Welborn will remain in Chicago. Mr. Stevens had run the consumer business out of Columbus, Ohio.

This is the latest in a series of executive shuffles started when James Dimon, BankOne's chairman and chief executive officer, joined in April. Mr. Welborn was promoted to the middle-market assignment in May after having run the business for Bank One's Southwest region. Mr. Bolger, 42, was promoted at the same time; he had been running merger integration.

Mr. Boshart, 55, joined the company in September. He was previously co-CEO of Citigroup's European investment bank, Schroder Salomon Smith Barney.

"We're more closely aligning capital markets with the appropriate large corporate functions to more effectively serve our customers," Mr. Dimon said in a statement released Monday. …

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