Lorenz named president of Bank of America in area

He'll continue to run commercial lending in Md., Va. and D.C.

March 21, 2001|By Bill Atkinson | Bill Atkinson,SUN STAFF

Bank of America Corp. said yesterday that it has named William R. Lorenz president of its greater Baltimore operations.

Lorenz, 43, will be responsible for leading the bank's management team in the Baltimore region in a range of business development and community activities.

He also will continue to run Bank of America's commercial bank operations in Maryland, Washington and Virginia, which target medium-size companies and has $4.5 billion in loans and 3,000 clients.

"My role would be to make sure our presence and strategy ... is really executed in a consistent way," said Lorenz, who sits on several local boards, including that of the Children's Cancer Foundation. "It is really consistent with what I have been doing now. I have an opportunity to do it with a different title."

Lorenz reports to John Morton III, who is Bank of America's mid-Atlantic president and works in Baltimore. Lorenz replaces William Couper, who left the job in August to become president of the bank's Washington operation.

Bank of America, based in Charlotte, N.C., is the product of a 1998 merger of NationsBank Corp. and BankAmerica Corp. of San Francisco.

NationsBank acquired troubled Baltimore-based MNC Financial Inc., parent of Maryland National Bank, in 1993 and eliminated more than 1,000 employees.

Lorenz began his banking career with MNC in 1980 as a retail banking management trainee in Baltimore.

He worked in several other positions until he was named commercial growth executive in August.

In July, Bank of America, which has $642 billion in assets, said it would fire as many as 10,000 employees, or 6.6 percent of its payroll, because it had become bloated and inefficient.

Most of the cuts targeted middle- and senior-level managers.

The savings of about $600 million annually are being invested in e-commerce initiatives, private banking, brand development and investment banking.

The company employed 4,197 people in Maryland and 1,633 in Baltimore at the time of the announcement. The bank couldn't immediately say how many employees have been since July.

Lorenz said the bank is hiring securities brokers, financial services advisers and "generalists" who can be trained to become bankers.

He said the overall restructuring is "going very, very well. We are pleased with the results thus far."

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