7 Execs of BankAmerica, Security Reported as First Merger Casualties
The casualties of the pending merger of BankAmerica Corp. and Security Pacific Corp. are beginning to surface.
So far, seven executives with titles of executive vice president or higher are leaving the banks, according to banking sources.
Among those leaving San Francisco-based BankAmerica, the sources said, will be:
* James P. Miscoll, 56, vice chairman in charge of Southern California operations and a 29-year BankAmerica veteran.
* Allen W. Sanborn, 47, vice chairman of the commercial markets group, which includes commercial banking and real estate. He is a 20-year bank veteran.
* Robert N. Beck, 50, executive vice president of human resources.
Four at Security
On the Security Pacific side, four top-level executives are reportedly departing:
* John P. Singleton, chairman and chief executive of Security Pacific Automation Inc.
* Robert C. Corteway, 47, vice chairman and formerly the chief credit officer.
* Stephen G. Carpenter, a vice chairman of Security Pacific National Bank, who had been running the middle market business and was also put in charge of collections.
* Irving Margol, a Security Pacific executive vice president who has been working with community groups.
None of the high-level executives could be reached for comment.
No Word from Banks
Sources said some decided to leave because they were unhappy with their new roles in the combined organization and others were let go. Some are expected to stay on until the merger is completed early next year. Dozens of other officers are being notified that they will losing their positions.
Spokesmen for both BankAmerica and Security Pacific, which is based in Los Angeles, declined to confirm the departures. Both said decisions on management structure were still being made and announcements would be made "at an appropriate time." Security Pacific refused to provide ages or information on any of its executives.
BankAmerica and Security Pacific announced on Aug. 12 they would combine. Analysts predict that as many as 20,000 of the combined staff of 94,000 could lose their jobs in the merger.
Costly for Senior Execs
The merger is seen as part of widespread consolidation in the banking industry that will cost many long-tenured bankers their jobs.
Hundreds of top executives that command substantial salaries will inevitably be let go, as well as hundreds of thousands of lower-level executives and workers. Although some will find jobs, the market for bank employees is pretty bleak.
The banking, savings and loan, and credit union industries employ about 2.14 million people.
PHOTO : Allen W. Sanborn 20-year BankAmerica veteran