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Samuel H Armacost

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BUSINESS
August 24, 1988 | From Reuters
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.
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BUSINESS
August 24, 1988 | From Reuters
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.
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NEWS
April 16, 1986 | Associated Press
BankAmerica Corp. today reported a net income of $63 million in the first quarter of 1986, but said its board of directors has voted to omit a dividend on common stock for the second consecutive quarter. The profit followed BankAmerica's net loss in 1985 of $337 million, including a loss of $178 million in the fourth quarter. Samuel H.
BUSINESS
July 23, 1986
Daniel Costello, BankAmerica senior vice president for real estate, said the company is having problems finding a buyer for the 51-story Arco Plaza, the building it jointly owns with Atlantic Richfield. One deal fell through last month, and it doesn't appear that the bank will get an attractive offer from three or four other potential buyers, Costello said. Concerns over asbestos, tax reform and other issues are limiting buyer interest, according to Costello. Costello talked with Samuel H.
BUSINESS
August 10, 1987
Samuel H. Armacost, who resigned as president and chief executive of troubled BankAmerica Corp. last October, will join the San Francisco office of Merrill Lynch as an investment banker, the brokerage firm said. Armacost ended his 16-year career with BankAmerica, parent of Bank of America, as part of a move to restore confidence in the company, which he had headed since 1981.
BUSINESS
October 26, 1986
How appropriate for the board of directors of Bank of America to now preside over the picking apart of what was once one of the most respected financial institutions in the world. Its decline really began more than 10 years ago with the gradual departure of young, up-and-coming, potential senior management types who grew tired of waiting for increased authority and unkept promises of financial reward during the A. W. Clausen era. By the time the great savior Samuel H. Armacost arrived, most of the talent was gone and his decentralization techniques gave increased authority to what was left, thus creating the massive loan problems of today.
BUSINESS
January 30, 1985 | JUBE SHIVER Jr.
Bank of America on Tuesday promoted one of its top executives to a newly created management post in Southern California in order to beef up the San Francisco-based bank's presence in the growing financial-services market here. James P. Miscoll, 50, who currently heads the bank's retail financial-service division, will become executive officer of Southern California on Friday.
BUSINESS
August 6, 1986 | VICTOR F. ZONANA
Stephen T. McLin, an engineer who likes to boast that he rose through the ranks of BankAmerica Corp. without ever having made a loan, was named an executive vice president of the troubled banking concern and its Bank of America subsidiary. As senior vice president and head of corporate planning since 1981, McLin (pronounced MACK-lin) was instrumental in such acquisitions by BankAmerica as its purchase of discount broker Charles Schwab & Co. and its takeover of Seafirst Corp.
BUSINESS
February 21, 1986 | JOHN M. BRODER
BankAmerica common stock shot up $1.375 a share in New York Stock Exchange trading Thursday on rumors of an impending management shake-up. The price rise, to $15.25, represented almost a 10% increase and came on volume of nearly 1.7 million shares, more than three times its average daily sales. A BankAmerica spokesman denied the rumors, saying that "no changes in senior management are being contemplated." But the spokesman, John Keane, confirmed that Sanford I.
BUSINESS
February 19, 1986 | JOHN M. BRODER
BankAmerica on Tuesday named John S. Poelker chief financial officer, placing him in a key post as the troubled San Francisco-based bank company struggles to recover after huge 1985 losses. Poelker, 43, was formerly president and chief financial officer of Citizens & Southern Georgia, a major regional bank based in Atlanta. The position of chief financial officer at BankAmerica had been held by Chairman Leland S.
BUSINESS
September 9, 1986 | VICTOR F. ZONANA, Times Staff Writer
BankAmerica's board of directors met Sunday and Monday in Los Angeles but adjourned without announcing any actions to resolve the continuing crisis at the nation's second-largest banking company. Some on Wall Street had speculated that the board would replace Samuel H. Armacost as president and chief executive in the wake of the company's stunning, $640-million second-quarter loss, the third major quarterly loss in a year.
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