First Union Corp. on Tuesday named two vice chairmen: Benjamin Jenkins, head of First Union's general bank, and Donald McMullen, head of the capital management group.
The promotions don't carry any changes in responsibility or pay raises, said First Union spokeswoman Laurie Hedrick. The pair's new titles are ""based on their level of performance and corporate leadership," she said.
Mr. Jenkins, 55, was named last week to lead the General Bank, which includes retail and commercial services along the East Coast from Connecticut to Florida. That promotion was part of a shakeup at the $230 billion-asset banking company that began with the announcement last month that president John Georgius would retire at yearend. Mr. Jenkins has worked at First Union for 28 years.
Mr. McMullen, 50, joined First Union four years ago as head of capital management, which includes brokerage and asset management operations. The business has grown nearly sixfold under his leadership, First Union's chairman, Edward E. Crutchfield, said in a statement.
As vice chairmen, Mr. Jenkins and Mr. McMullen are one level below president, the company's No. 2 position. G. Kennedy Thompson is taking over that job from Mr. Georgius at yearend.
The new appointments are "part of the progress of realigning responsibilities" that began with Mr. Georgius' retirement, said David Stumpf, a bank analyst at A.G. Edwards & Sons Inc. "It doesn't mean there is a shift in strategy."
First Union has experienced problems digesting last year's acquisitions of CoreStates Financial Corp. and Money Store Inc. Profits fell 1% in the second quarter from a year earlier, to $873 million.
-- Dan Weil