The Federal Reserve Bank of Minneapolis has promoted Beth Kittelson to assistant vice president of corporate planning and assessment.

Ms. Kittelson was the manager of corporate services. Before joining the Minneapolis Fed in 1994 she had been a manager in forecasting and planning processes and in commercial banking planning and analysis at First Bank System, now U.S. Bancorp, where she had worked for eight years.

MIDDLE ATLANTICCredit Lyonnais Securities USA Inc. in New York, the securities arm of Credit Lyonnais Group in this country, has hired Peter Ruel as one of the directors in the equity capital markets division and Gabriel Lowy as a senior technology analyst in the research department.

Mr. Ruel is responsible for the origination and execution of equity transactions for the public and private sectors. He was the chief executive officer of Fairfield, N.J.-based Timecruiser Computing Corp. Before that he had been in charge of the equity markets division at Los Angeles-based Jefferies & Co.

Mr. Lowy focuses on data networking and wire line equipment companies and works closely with the firm's European technology team, which is based in London, Paris, and Lyon, France. He managed the technology research practice at Alternative Investment Solutions, a New York-based investment research and asset-management advisory firm.

Bear, Stearns & Co. in New York has named William Ullman as the head of business development in its global clearing services division.He is responsible for helping to coordinate the new business, cross-selling, and competitive strategy efforts of the division.

Mr. Ullman is a senior managing director who joined the firm in 1997 as a managing director in the financial institutions group in its investment banking division. He had come from an investment banker job in the financial institutions group at Merrill Lynch & Co., his employer for seven years.

SOUHEASTWachovia Corp. has hired R. Rock Anderson Jr. as its manager of diversity recruiting, a newly created post.

He was a vice president and the Atlanta managing director of Inroads Inc., a career development organization based in St. Louis that runs training, intern, and placement programs to help young people, mostly from minority groups, start corporate careers.

At Wachovia he reports to D. Hector McEachern, who was recently named chief diversity officer, and Walter S. Kuchinski, manager of strategic staffing.

Mr. Anderson will also become a member of Wachovia's staffing leadership team. He will help implement new performance management initiatives designed to continue development of a diverse work force reflecting the customer base, Wachovia said.

WESTSanwa Bank California in Los Angeles has hired Dick Rai as the managing director of its commercial banking division's new equipment and leasing finance department.

The department offers financing and portfolio placement across a wide variety of asset classes focusing on beneficial tax structures.

Mr. Rai, who has also been named a senior vice president, was the president of PAV Financial, a Chicago investment banking firm. Before that he had been a senior managing director at Heller Financial in Chicago. Still earlier he had managed lease portfolios, loan syndication, securitization, strategy, and development at Sanwa Business Credit Corp. (now Fleet Business Credit Corp.) in Chicago.

He has 20 years of experience in corporate finance and leasing.

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