Bank of America Names Floating-Rate Executive
CHARLOTTE, N.C. - Bank of America Corp. Thursday named Arrington Mixon head of U.S. floating-rate debt origination and structuring.Ms. Mixon, a veteran of the bank's syndicated loan team, gains responsibility for the leveraged sector of the syndicated floating-rate debt market. She will continue to oversee structuring for corporate and middle-market customers.
Ms. Mixon will continue to report to Thomas W. Bunn, global head of debt-capital raising for the banking company.
Her appointment is the latest move in a reshuffling of the syndicated loan division under Mr. Bunn.
Fed Approves Chase Purchase of Hambrecht
NEW YORK - Chase Manhattan Corp. said Friday that the Federal Reserve Board has approved its proposed $1.35 billion acquisition of the San Francisco investment bank Hambrecht & Quist Group.With the approval, Chase said it does not expect to extend its offer for Hambrecht & Quist stockholders to tender their shares beyond Chase's Dec. 8 deadline. It said about $21.1 million shares of Hambrecht's common stock, or 85.1% of all issued and outstanding shares, have been tendered.
Chase, the nation's third-largest banking company, with $371 billion of assets, in September announced its agreement to acquire the independent equities specialist. Buying Hambrecht would be its entry to equity underwriting; it is already the fourth-largest corporate debt underwriter and the largest in syndicated lending.
Mellon Investment Unit To Hire Older Workers
PITTSBURGH - Mellon Financial Corp. plans to hire and train 180 employees over the age of 55 for its cash management unit in a project with the National Council on the Aging.Twelve new workers have already graduated from a 20-day training session and are being considered for data-entry positions in the banking company's cash management operations in Pittsburgh, where they would undergo an additional two weeks of on-the-job training before officially beginning their assignments.
Barbara Peters, retention projects manager at $47 billion-asset Mellon, said the program will help the company maintain staffing levels in back-office areas that typically have the highest turnover levels.
"Older workers show themselves to be reliable, productive, and good solid workers," Ms. Peters said. "That is what you need in operations jobs."
The banking company said it plans to make as many as 1,000 hires a year through the program for positions in Atlanta, Boston, Chicago, Dallas, Los Angeles, Philadelphia, and Pittsburgh.
Corporate Finance Chief For Tex. Investment Bank
AUSTIN, Tex. - Tejas Securities Group, an investment bank in Austin, Tex., hired Michael L. McAllister as executive vice president and managing director of corporate finance.Mr. McAllister, who has 19 years' experience in corporate finance and equity capital markets, will be the senior investment banker and report to president Jay W. Van Ert.
Mr. McAllister came from Austin-based Southwest Securities Inc., where he was managing director of investment banking and directed the technology and health-care groups. Before that he established Southcoast Capital Corp.'s corporate finance presence in Austin.
Tejas Securities provides investment banking, securities brokerage, and asset management services.