BankAmerica Corp. has folded into a single unit all of its businesses that raise debt capital, and has tapped executive vice president Robert Griffin to run it.
Mr. Griffin has been heading loan syndications and trading and leveraged finance groups. Now he will also run project finance, structured and advisory finance, private placements, asset securitization, and non- investment and investment-grade debt.
He will still be based in Chicago and report to Michael Murray, president of the global wholesale bank.
The move is designed to bring together debt capital businesses across client, product, and geographic areas.
"We started to look at the impact of convergence and the impact of globality on us delivering debt-capital-raising products to our client base," Mr. Griffin said. "We realized that we could serve our client base better if we had all of these products under one roof."
The idea is that the new organizational structure will help the San Francisco-based banking company deliver "flawless execution," Mr. Griffin said.
"We've got a terrific base of product expertise and capability to build on, " Mr. Griffin said. "We believe that this will allow us to be more innovative" and add to "what already is excellent momentum in the marketplace."