Bank of America executives headed specific lines of business such as commercial lending. Under the new system, presidents will retain positions within specific lines, but will also handle regional duties.
Bank of America started the new practice in the Carolinas, but it will be extended nationwide, the company says in a prepared statement. The change is part of a push within the company in recent years to increase staff performance.
"For much of the 1980s and 1990s, we grew primarily through mergers, but with our last deal in 1998, the merger of NationsBank and BankAmerica, we recognized the need to refocus on internal growth," Jim Smith, market president for Bank of America's central region in South Carolina, says in a prepared statement.
Bank of America ranked No. 2 in deposits in South Carolina, as of last June 30, the date of the most recent data available from the Federal Deposit Insurance Corp.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
