The deal between Bank of America
and FleetBoston Financial
is opening the door for Richard DeMartini
to retire. DeMartini left his job as CEO and chairman of Morgan Stanley Dean Witter's international private client group in January of 2001 to take the top spot at Banc of America Asset Management. His tenure initially marked the bank's effort to build up its asset management business but is now clouded by scandal.
However, his future at the bank has been in doubt since Eliot Spitzer's Canary complaint revealed an email detailing the Canary trading scheme on which DeMartini was cc'd. Two of his direct reports -- Robert Gordon, CEO of the asset management group and Charles Bryceland, head of the private banking unit -- both have been fired because of the scandal.
Kenneth Lewis, Bank of America's CEO, said today that DeMartini will be retiring after the merger of the two banks is complete.
That will open the door to Brian T. Moynihan
, a Fleet executive vice president now in charge of brokerage and wealth management services, to take over as the head of the combined asset management divisions. He will take the title of president of wealth management at the merged Bank of America.
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