Bank of New York Puts Its Own Man at Helm of Putnam Trust Acquisition
Fraser, Katharine, American Banker
Bank of New York Co. has put its stamp on the recently acquired Putnam Trust Co. by naming a new president.
John J. McGuinness 3d, who led investment and private banking for Bank of New York's Long Island division, succeeded Michael M. Cassell, who resigned from the post last week.
Mr. McGuinness took the helm of Putnam on Thursday, but Mr. Cassell will stay on for the transition.
Putnam, which has $2 billion under management, was acquired in September by Bank of New York in a bid to tap its wealthy clientele. The trust company is unrelated to Putnam Investments Inc., Boston, the large mutual fund company.
Mr. Cassell explained in a telephone interview that he had felt committed to Putnam when it was a publicly traded, independent company. When that status changed, he said, so did his mind.
"I ran the bank before, and now somebody else is running the bank. It's time for me to do something else," he said.
David Ross Palmer, a private banking consultant in New York, said Mr. Cassell's departure was not surprising.
"It's vintage Mike," he said. …