NationsBanc Montgomery Securities, the section 20 subsidiary of BankAmerica Corp., has named Robert C. Griffin to the seven-member executive committee of its Montgomery division.
Mr. Griffin is the third member of Montgomery's executive committee to be based in New York, and his selection illustrates a major shift for the San Francisco-based firm. Montgomery had only one committee member in New York before the merger in September of its parent company, NationsBank Corp., with BankAmerica Corp.
"This is all additive. We're not subtracting from one point and adding to another," Mr. Griffin said Tuesday. "We have a major commitment to building a broad-based investment banking business."
Mr. Griffin heads Montgomery's high-yield origination and structuring business as well as its coverage of financial sponsors, or leveraged buyout firms. Before BankAmerica's merger with NationsBank, he ran BankAmerica's global debt capital raising group in Chicago.
In his new position, Mr. Griffin has direct reports in New York, San Francisco, Chicago, Dallas, and Charlotte, N.C., BankAmerica's new hometown. He said one of his main tasks will be coordinating BankAmerica's investment banking group nationwide.
"It all goes back to the client, who's not particularly concerned about the name on your calling card. He wants to have a very good product with quality service and seamless delivery," Mr. Griffin said.
High-yield debt was a much smaller part of the product mix at the old Montgomery, which was predominantly an equities firm before NationsBank bought it in 1997.
But Mr. Griffin said his elevation to Montgomery's executive committee is not just about bringing the high-yield debt product more attention.
"I really think my position is intended to bring a breadth of perspective to important strategic decisions that are important to the firm as a whole," he said.