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Friday, September 24, 2004

Beantown Welcomes Columbia

Reported by Theresa Sim

Boston officials and the Bank of America have finally reached an agreement over jobs -- unfortunately for some, it means many top executives, including Columbia Management Group's president, Keith Banks, will be moving to Boston.

Bank of America announced on Thursday that it will relocate its Wealth and Investment Management to Boston.

Banks, who is currently based out of New York, is one of ten executives (announced thus far) that will be relocating to Boston to join W&IM President Brian Moynihan.

Other executives include Michael Santo, President of Banc of America Investment Services; Keith Winn, president of Investment Services, and Thong Nguyen, marketing executive for W&IM.

There will probably be other Columbia officials joining Banks in Boston, but officials have not finalized their decision, said Columbia spokesman Charles Salmans. "Effectively, the headquarters of Columbia will be Boston," he added.

"Senior-level associates who report to all of the above-mentioned executives and much of their support framework will also be relocated in Boston," officials stated in the release.

BoA also announced that it has created a high net worth business, to be headed by former head of the Private Bank Alan Rappaport out of New York. "We're still in the decision-making phase" with regards to the new unit, said Bank of America spokeswoman Eloise Hale  

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