A W Clausen

A. W. Clausen was awakened at 6:30 a.m. in his Washington home 18 months ago by a transatlantic telephone call that disturbed not only his sleep but his retirement. The caller, an English acquaintance, told him that the rumor mill was filled with news that "the bank" was going bankrupt, that it might have to close its doors. Clausen, who had recently retired as president of World Bank, the international development agency, immediately responded, "How can that be?

A.W. "Tom" Clausen, a no-nonsense Midwesterner who led San Francisco-based Bank of America before and after serving as president of the World Bank, died Monday at a hospital in Burlingame, Calif. He was 89. The cause was complications from pneumonia, according to his wife, Helen. Clausen began his career at a Bank of America branch in Los Angeles in 1950 as a part-time cash counter. He rose through the ranks to become president and chief executive officer of the bank and its holding company, BankAmerica Corp., in 1970 and led the institution for 11 years.

At 9 a.m. Friday, the 25 top officers of BankAmerica gathered on the 50th floor of the headquarters building in San Francisco for their monthly management meeting. The mood was upbeat, befitting an organization gaining strength with each quarter. The day before, California's largest banking company had reported third-quarter earnings that were stronger than industry analysts had expected and more than triple the profit of a year ago.

A. W. (Tom) Clausen, who led BankAmerica Corp. from near-collapse to record profitability in his second stint as chief executive, formally retired Thursday and handed over the company's leadership to Richard M. Rosenberg. The long-planned succession, taking place at the end of the banking firm's annual shareholders meeting here, capped the career of a man who in late 1986 was granted what probably is the most remarkable second chance ever given a top corporate executive.

A. W. Clausen, who returned to the BankAmerica Corp. in 1986 to lead it through a remarkable financial comeback, will retire this year, according to a published report today. The San Francisco Examiner quoted sources "close to the bank," who asked not to be named, as saying that the chairman and chief executive officer will retire and his successor will be announced before the bank's annual meeting May 24. Clausen, 66, joined BofA in 1949 and climbed the ladder to become chief executive in 1970.

California's image as a pacesetter held up fairly well in the 1980s in the world of business and economics. Californians were a force for dramatic change. Some achieved change on a grand scale--inspiring a revolution in economic policy or transforming corporate finance. Some of the change may seem minor, but it altered our daily routines and our life styles.

BankAmerica Chairman A. W. Clausen told shareholders Thursday that California's largest banking company has recovered fully from record losses and is in a position to reassert its dominance in the western United States. "The corporation has been turned around," Clausen said at the annual meeting, held in Los Angeles for only the second time in the history of the San Francisco-based banking company. "We are profitable. A dividend has been reinstated. We are strongly back in our key markets.

BankAmerica Chairman A. W. Clausen insisted Thursday that the company's current reserve for loan losses is adequate but acknowledged that the company might boost it to alter a widespread "perception" that the reserve is too small. "We are continuing to monitor conditions in the developing countries, together with industry trends, and will adjust our reserves if appropriate," Clausen said at the company's annual meeting of shareholders.

Thomas A. Cooper, Methodist minister turned cost-cutting banker, resigned Monday as president and chief operating officer of BankAmerica and of its principal unit, Bank of America, after apparently losing a power struggle. Cooper was president and chief operating officer of the troubled bank for a little more than a year. He was given the same titles at the parent company just last October, when Samuel H. Armacost was ousted as president and chief executive.

A. W. (Tom) Clausen, who led BankAmerica Corp. from near-collapse to record profitability in his second stint as chief executive, formally retired Thursday and handed over the company's leadership to Richard M. Rosenberg. The long-planned succession, taking place at the end of the banking firm's annual shareholders meeting here, capped the career of a man who in late 1986 was granted what probably is the most remarkable second chance ever given a top corporate executive.

As the guard continues changing at California's top banks, the question increasingly asked these days is when BankAmerica Chairman A. W. (Tom) Clausen will retire. Speculation about Clausen's retirement plans have been building for a year, picking up the past week in published reports in San Francisco. Conventional wisdom has Clausen announcing his retirement before the bank's May 24 annual meeting, with Vice Chairman Richard M. Rosenberg getting the top job and Chief Financial Officer Frank N.

A. W. Clausen, who returned to the BankAmerica Corp. in 1986 to lead it through a remarkable financial comeback, will retire this year, according to a published report today. The San Francisco Examiner quoted sources "close to the bank," who asked not to be named, as saying that the chairman and chief executive officer will retire and his successor will be announced before the bank's annual meeting May 24. Clausen, 66, joined BofA in 1949 and climbed the ladder to become chief executive in 1970.

California's image as a pacesetter held up fairly well in the 1980s in the world of business and economics. Californians were a force for dramatic change. Some achieved change on a grand scale--inspiring a revolution in economic policy or transforming corporate finance. Some of the change may seem minor, but it altered our daily routines and our life styles.

BankAmerica Chairman A. W. Clausen told shareholders Thursday that California's largest banking company has recovered fully from record losses and is in a position to reassert its dominance in the western United States. "The corporation has been turned around," Clausen said at the annual meeting, held in Los Angeles for only the second time in the history of the San Francisco-based banking company. "We are profitable. A dividend has been reinstated. We are strongly back in our key markets.

At 9 a.m. Friday, the 25 top officers of BankAmerica gathered on the 50th floor of the headquarters building in San Francisco for their monthly management meeting. The mood was upbeat, befitting an organization gaining strength with each quarter. The day before, California's largest banking company had reported third-quarter earnings that were stronger than industry analysts had expected and more than triple the profit of a year ago.

A week before its official release, "Breaking the Bank: The Decline of BankAmerica" is already stirring up a storm. And the management of the bank holding company, once the nation's biggest, is readying its defenses against the criticisms by author Gary Hector.

A week before its official release, "Breaking the Bank: The Decline of BankAmerica" is already stirring up a storm. And the management of the bank holding company, once the nation's biggest, is readying its defenses against the criticisms by author Gary Hector.

A. W. Clausen, BankAmerica's newly installed chairman and chief executive, said Wednesday that he "remains to be convinced" about the desirability of First Interstate Bancorp's $2.8-billion merger offer. In his first public comments since reassuming the reins of the loss-ridden banking giant, Clausen said at a press conference here that he is seeking further information on the proposed transaction.

A. W. Clausen was awakened at 6:30 a.m. in his Washington home 18 months ago by a transatlantic telephone call that disturbed not only his sleep but his retirement. The caller, an English acquaintance, told him that the rumor mill was filled with news that "the bank" was going bankrupt, that it might have to close its doors. Clausen, who had recently retired as president of World Bank, the international development agency, immediately responded, "How can that be?

BankAmerica Chairman A. W. Clausen insisted Thursday that the company's current reserve for loan losses is adequate but acknowledged that the company might boost it to alter a widespread "perception" that the reserve is too small. "We are continuing to monitor conditions in the developing countries, together with industry trends, and will adjust our reserves if appropriate," Clausen said at the company's annual meeting of shareholders.