Bank of America Securities LLC has named Paul Olson, Steven Benov, and Carl Richardson as managing directors of its municipal finance group.

Mr. Olson and Mr. Benov joined the Chicago office.

Mr. Olson was head of public finance and real estate business generation units at Sumitomo Bank in Chicago.

Mr. Benov came from Bank of America's health-care specialty lending group in Chicago; earlier he was an investment banker for First Chicago Capital Markets and Lehman Brothers in Chicago.

Both will report to William Darmstaedter, the central region managing director of public finance at the Bank of America Corp. unit. (The region comprises the Midwest and Southwest.)

Mr. Richardson joined the newly created New York office and was designated a municipal institutional sales specialist, which had been his title at Citigroup Inc.'s Salomon Smith Barney.

Also hired for New York was Sally Markiewicz, as a vice president and municipal institutional sales specialist. Ms. Markiewicz has 11 years of institutional sales experience, with emphasis on equities and tax-exempt securities. She was a managing director in institutional equity sales at Bear Stearns Corp., and before that she worked in institutional sales at Smith Barney for the municipal capital markets division.

Mr. Richardson and Mr. Markiewicz report to Phil Smith, managing director and national institutional sales manager for municipal finance in New York.

Meanwhile at the San Francisco headquarters of Bank of America Securities, Karen Jewell was promoted to senior analyst in corporate tax- exempt finance and Darren Gaspary was hired as an associate in public finance.

Ms. Jewell was a Bank of America analyst in private banking. In her new job she will be responsible for quantitative, processing, and marketing support for transaction origination. She will report to Robert Giles, managing director and national corporate tax-exempt finance manager.

Mr. Gaspary will help serve education clients and not-for-profits on the West Coast. He came from Sutter Securities Inc. in San Francisco, where he was a public finance analyst. Mr. Gaspary reports to Richard Chisholm, the B of A unit's San Francisco managing director of public finance.

Also, Jessica Youstra was hired as assistant underwriter to support municipal trading and underwriting in San Francisco. She had a similar role at Morgan Stanley Dean Witter.

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