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Bank CEO Weisel resigns
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September 22, 1998: 11:06 a.m. ET
NationsBanc Montgomery CEO resigns less than a year after merger
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NEW YORK (CNNfn) - Thomas W. Weisel has resigned as chairman and chief executive officer of NationsBanc Montgomery Securities, less than a year after spearheading the merger that created the banking and securities firm.
NationsBank confirmed Tuesday that Weisel walked away from his post, reportedly after the former Montgomery chief butted heads with management.
The 57-year old executive will be replaced by Lewis W. Coleman.
Coleman was chosen in June to become chief operating officer of Montgomery in the wake of NationsBank's pending merger with BankAmerica.
Weisel had been one of the chief proponents of the marriage between commercial banks and securities firm when NationsBank acquired Montgomery for $1.2 billion in October 1997.
His departure underscores the difficulty many banks face after acquiring regional securities firms. Most do so to break into the profitable stock-underwriting business.
Earlier this year, NationsBank (NB) announced its intent to merge with BankAmerica (BAC) in a $60 billion deal that already has received regulatory approval. BankAmerica shareholders will vote on the merger Sept. 24.
NationsBank shares were trading up 1-1/2 Tuesday morning at 53-7/16 on the New York Stock Exchange.
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NationsBank
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