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NationsBanc Montgomery's Weisel Quits

September 22, 1998|Bloomberg News

NationsBanc Montgomery Securities' Thomas Weisel resigned as chief executive of the investment bank he founded 27 years ago, following a dispute over control of the firm's junk bond business, according to an announcement distributed to employees. Weisel will be replaced by Chief Operating Officer Lewis Coleman, formerly vice chairman of BankAmerica Corp. The resignation of Weisel, 57, came after Charlotte, N.C.-based NationsBank Corp. allegedly broke a promise it made last year, when it bought San Francisco-based Montgomery for $1.2 billion, to let the firm manage underwriting and research for high-yield bonds. Weisel's letter to Montgomery employees said his resignation is effective immediately. He said he will remain in the firm's office for the next week to ease transition to a new CEO, the letter said. NationsBank and BankAmerica have agreed to merge.

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