An executive shake-up at First Security Corp. is intended to streamline investment banking operations in anticipation of the company's purchase of Van Kasper & Co., a senior banker said Monday.
The changes, which affected more than 20 senior executives at First Security, were announced Friday. In September bank executives made public plans to buy the San Francisco securities firm for $100 million in cash and stock. The deal is expected to close early next year.
A thorough restructuring at the Salt Lake City banking company last week touched a broad spectrum of senior managers.
Scott C. Ulbrich, until last week the bank's chief financial officer, has become executive vice president in charge of capital markets, treasury, and investment management.
He also is to get the titles of chairman and chief executive of the section 20 subsidiary that is to emerge from the deal.
"For the first time, we will have all of our investment products-as well as insurance, private clients, and brokerage-in one, single business group," Mr. Ulbrich said.
Mr. Ulbrich was already a member of the bank's management committee. "I think that gives us the leverage to make this a successful transition," he said.
Once the deal is completed, the section 20 unit will have two divisions, each with a president reporting to Mr. Ulbrich.
Van Kasper, who lent his name to the firm he founded in 1978, is to become president of a division that would be called First Security Van Kasper.
David Wilson, president of the bank's capital markets division, is to keep many of his duties as president of First Security Capital Markets Inc.
The acquisition of Van Kasper would bolster the banking company's capital markets capabilities, bringing it equity and corporate fixed-income products for the first time. The bank got authorization from the Federal Reserve to enter these businesses in December.
Bank executives hope to integrate Van Kasper's brokerage and private- client groups with those at the bank as much as possible, Mr. Ulbrich said. Van Kasper has a sizable private-client business.
Other senior managers affected by the organizational changes include Brad Hardy, the banking company's general counsel, who added the responsibility of chief financial officer to his duties, and David R. Golden, head of the risk management group, who was named to the bank's management committee.