With a recent pair of promotions, BankAmerica Corp. has installed new leaders in its substantial wholesale and international units.
Last week, BankAmerica promoted Jeremy G. Fair, 48, to group executive vice president in charge of its U.S. corporate group, which has revenues of about $1 billion.
His promotion follows that of Michael J. Murray, 50, from head of U.S. corporate to vice chairman running the international and U.S. corporate groups.
Both changes were spurred by the naming in August of former wholesale and international chief David A. Coulter as designated successor to chief executive Richard M. Rosenberg.
Observers said both Mr. Murray and Mr. Fair have solid credentials for their jobs. What's more, their assignments are crucial, since the units they oversee contribute about a third of BankAmerica's profits.
Mr. Murray earned his stripes in Chicago-based Continental Bank, which BankAmerica purchased last year, renaming it Bank of America Illinois.
In deference to the size and sophistication of Continental's corporate business, Mr. Murray, a former Continental vice chairman, was given responsibility for the combined banks' corporate business in this country. Likewise, the headquarters of the combined bank's U.S. corporate operation was moved to Chicago.
People who have worked with Mr. Murray said he is a decisive and opinionated manager who also is liked by his subordinates. Although Mr. Murray started working for Continental in 1969, he is not blamed for the Penn Square lending problems that led to the bank's demise in the mid- 1980s.
Instead, from 1972 to 1983 he worked in New York, far removed from the problems. He was noted for drumming up business with high-profile clients, including Kohlberg, Kravis, & Roberts, according to Bank of America Illinois vice chairman Marcus W. Acheson.
In 1983, Mr. Murray was given responsibility for the Chicago metropolitan business group, where he dealt with the bank's core clients and helped it recover from its financial straits.
Mr. Fair, who has worked for BankAmerica since 1972, has been part of Mr. Murray's U.S. corporate management team for the last two years. Most recently, he ran the company's Los Angeles corporate office and its national industry groups in entertainment and media, health care, airline, and aerospace industries.
In an interview, Mr. Fair, who is moving to Chicago, said he doesn't contemplate any major changes in strategy.
"This is definitely not a turnaround situation," Mr. Fair said. "We have an excellent business."
