January 24, 1990 |
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.
January 1, 1990 |
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.
May 26, 1989 |
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.
May 29, 1987 |
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.
May 12, 1987 |
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.
May 25, 1990 |
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.