No one said it would be easy shuffling the deck chairs after a merger.
The latest twist in the leadership shakeout at BankAmerica Corp.'s California consumer lending group finds Frank J. Schultz, executive vice president and home lending chief, leaving the bank. The 53-year-old executive, an eight-year Bank of America veteran, quit to become chairman and chief executive of ITT Financial Corp., St. Louis.
Mr. Schultz, who was put in charge of the home-loan shop in 1987, is credited with engineering a huge rise in the bank's residential lending volume. After B of A announced its merger with Security Pacific, Mr. Schultz was rewarded with a newly created post in which he would have supervised credit cards and consumer loans as well as mortgages.
But after announcing Mr. Schultz's promotion internally, B of A withdrew the offer and recruited Wells Fargo & Co. executive vice president James G. Jones for the new job.
Mr. Schultz was asked to stay in his old mortgage post because Security Pacific Corp. executive vice president Scott McAfee had just turned down an offer to run the unit. Mr. McAfee left the bank and has yet to surface.