In Brief: BankAmerica Taps Exec to Head Retail Brokerage

BankAmerica Corp. on Tuesday named a new chief for its retail brokerage subsidiary.

James P. Albo was promoted to chairman and head of BA Investment Services Inc. He succeeds Alexander Anderson, who announced in August that he plans to resign.

Mr. Albo was previously responsible for strategic planning in consumer banking and had been involved in BankAmerica's retail mutual fund supermarket, FundStrategies.

In his new post, he reports to group executive vice president Christopher Callero, who heads the deposits and payments products business of BofA's global retail bank, a spokesman said.

The spokesman said Mr. Anderson, who originally planned to stay until yearend, will probably leave sooner now that Mr. Albo is coming in. No departure date has been set, however.

Mr. Albo has been with BankAmerica since 1992, joining from Security Pacific Bank, which merged with BankAmerica that year.

The bank is not replacing Robert Flowers, formerly president and chief executive of the brokerage subsidiary, who left in July. His duties were absorbed by other BA Investments executives, the spokesman said. Niamh Ring