SAN FRANCISCO -- Another senior private banking official is leaving BankAmerica Corp., following a reorganization of the bank's investment management and private banking areas.
Executive vice president Gregory F. Sanford, a former Security Pacific official recently put in charge of personal trust and U.S. private banking, has resigned to take a senior post at U.S. Trust Corp.'s California unit. A BankAmerica spokeswoman said the resignation is effective at the end of the month.
Franklin E. Ulf, chief executive of U.S. Trust of California, said the 45-year-old Mr. Sanford would start his new job in January, subject to approval of the Office of the Comptroller of the Currency.
He described Mr. Sanford's job as a senior management position but declined to say what title Mr. Sanford would have.
A Lot of Movement
Mr. Sanford's departure comes just a little more than a month after group executive vice president Peter S. Voss quit as chief of the BankAmerica division that houses personal trust and private banking. Mr. Voss went on to the job of chief executive at a Boston investment firm.
Following Mr. Voss' resignation, BankAmerica disbanded his investment and private banking division, distributing its six business units to other parts of the organization.
Mr. Sanford had been named to oversee the personal trust and U.S. private banking units, which were moved under the jurisdiction of Institutional Trust and Securities Services Division chief Richard v. Fulp. Before that, Mr. Sanford had headed the personal trust unit, a business inherited from Security Pacific.
Recently BankAmerica named senior vice president Amanda Wallis, the 39-year-old manager of its San Francisco private banking office, director of U.S. private banking, reporting to Mr. Sanford.
Meanwhile, international private banking was put under the bank's Latin America and Canada division. The investment real estate unit will become part of international private banking.