Magazine article American Banker


Magazine article American Banker


Article excerpt

Homeward Bound

After three years in San Francisco, Bank of America Corp.'s Ed Brown is moving back to the company's Charlotte, N.C., headquarters, a spokesman confirmed Thursday.

The big giveaway: A "for sale" sign hangs outside Mr. Brown's pink stucco Pacific Heights mansion. The president and head of B of A's global corporate and investment bank has put the Mediterranean-style dwelling -- it has six bedrooms as well as fitness, media, and billiard rooms -- on the market for a whopping $14.75 million.

A sale even close to that price should let Mr. Brown more than make good on an interest-free loan the banking company made three years ago, when then-chairman Hugh McColl Jr. dispatched him to San Francisco after NationsBank Corp. bought BankAmerica Corp.

Mr. Brown was given a key role running the company's global corporate and investment banking division, which melded the corporate lending operations of BankAmerica and NationsBank with the equity and investment banking business of NationsBanc Montgomery Securities Inc. (now Banc of America Securities Inc.).

To smooth the transition to the Left Coast, Bank of America lent Mr. Brown $6.2 million to buy, renovate, and decorate his house, according to a regulatory filing this year. He bought the house for $5.4 million, using $400,000 of his own money.

By bringing Mr. Brown home, Bank of America is continuing a series of executive moves that have gradually shifted the division's power base to Charlotte and New York. …

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