Fleet Financial Group and BankBoston Corp. have divvied up the management of their combined operation, with the scales tilted slightly in favor of Fleet.
As expected, the two banks have divided responsibilities along their relative strengths. Thirty of the top 55 managers would come from Fleet. Fleet and BankBoston announced their $16 billion merger deal in March.
Middle-market commercial and small-business banking, commercial and consumer finance, cash management, and retail services are to be led by current Fleet bankers. These areas would report to Robert J. Higgins, who is currently Fleet's president and chief operating officer.
Global banking activities, investment banking, and investment services were split. All these business ares are to report to Henrique de Campos Meirelles, currently BankBoston's president and chief operating officer.
Overseas operations, investment banking, and capital markets will be dominated by current BankBoston executives. Investment management, brokerage, and mutual funds will be led by Fleet bankers.
Staff functions, including strategic planning, finance, risk management, and technology, are to be filled mostly by Fleet bankers reporting directly to chairman Terrence Murray.