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Thursday, August 06, 2009

Keith Banks to Stick With Columbia Through the 'Transition'

News summary by MFWire's editors

It looks like Keith Banks is staying put at Bank of America, at least for now. Amid the senior management shakeup at the bank, an anonymous source told Bloomberg's David Mildernberg that Banks will stay atop Columbia Management and U.S. Trust through the "transition period" as BofA sells Columbia.

A spokeswoman for BofA confirmed that Banks is sticking around, at least for the short term, through a transition period of "undetermined" length.

As for the Columbia sale itself, RiverSource parent Ameriprise and Nuveen backer Madison Dearborn Partners are reportedly the only two remaining bidders for the non-money market fund portion of the business. Both BlackRock and Federated have been named as possible buyers for the money market piece of Columbia.

Banks, who previously led Columbia directly, was promoted to head of BofA's global wealth management and investment management division (i.e. Columbia, Premier Banking and Investments and U.S. Trust) in the Fall of 2007. Then in October 2008, BofA revealed that Banks would continue to lead Columbia and U.S. Trust once the Merrill Lynch acquisition closed.

According to Bloomberg, Merrill brokerage chief Daniel Sontag is on his way out.

On Monday, BofA announced the hiring of Citi alum Sallie Krawcheck as head of global wealth and investment management. Brian Moynihan, the incumbent head of Bank of America's global corporate and investment banking and of global wealth management, will take over the bank's consumer and credit card businesses.  

Edited by: Neil Anderson, Managing Editor

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