National City Corp. is kicking its investment products program into high gear. The Cleveland company plans to quadruple its retail brokerage force to 200 within a year.
"Until recently, we've operated a modest program," said David Dunning, a vice president. "But we recognized the potential and made a strategic decision for dramatic expansion."
National City's 50 brokers cover 600 branches in Ohio, Indiana, and Kentucky. They sell the bank's six proprietary funds, plus mutual funds and annuities of outside companies.
In addition, the bank will soon apply to the Federal Reserve Board for so-called section 20 powers to expand its underwriting abilities.
National City recently reorganized its brokerage, institutional sales, venture capital, and finance units under the banner of National City Securities Corp.