Mercantile taps Meyer as COO of asset unit

J.P. Morgan veteran is returning to city of his birth

March 06, 2002|By William Patalon III | William Patalon III,SUN STAFF

Mercantile Bankshares Corp. named David L. Meyer yesterday as chief operating officer of its wealth-management business, the third time in a month the bank has added outside executive talent to the asset management side of its business.

The appointment of Meyer, 44, was effective immediately.

"We are particularly pleased that an executive with David's breadth and depth of experience is joining our management team," said Mercantile Chief Executive Officer Edward J. Kelly III. "He brings the seasoned judgment that will support our efforts to create a leading investment and wealth-management business."

Last month, Mercantile hired Offitbank veteran Wallace Mathai-Davis as chairman of investment and wealth-management operations, a new post. Two weeks later, the bank appointed John J. Pileggi, a veteran of the mutual fund business, to be president and chief executive of its Mercantile Capital Advisors Inc. and Hopkins Plaza Securities Inc. units.

Meyer is another important addition, Mathai-Davis said.

"For us to achieve our objectives, we're going to have excellent leadership on our management team," he said, calling Meyer "an exceptional" addition to that team.

Meyer, a native Baltimorean, spent 22 years with banking giant J.P. Morgan. During the final 10 of those years, he was the chief operating officer in a succession of J.P. Morgan businesses, each of them with annual revenue surpassing $1 billion, according to Mercantile.

Meyer's official title will be COO of investment and wealth management at Mercantile-Safe Deposit and Trust Co., which is the largest banking affiliate of Mercantile Bankshares.

Getting back to Baltimore, where he has family, and working for an organization with Mercantile's history, made this move an attractive one, said Meyer, who labeled it "the easiest career decision of my life."

"Mercantile has a long history of success and great institutional strength," he said. "I am eager to help lead the wealth management business as we build off past successes to broaden our reach."

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