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Bank of America Appoints Richard V. Downen as President of Retail Brokerage Group

Strategic Insights

— 1 min read

Richard V. Downen has been appointed president of Bank of America's retail brokerage group, overseeing all full-service and discount brokerage activities, including products and services, trading, sales, and administration. As part of his new role, Downen will also be responsible for combining the activities of the bank's two investment brokerage affiliates, NationsBanc Investments, Inc., and BA Investment Services, Inc. Downen brings 22 years of banking experience, previously serving as chief operating officer for NationsBanc Investments, Inc., and leader of the company's Money Manager Account initiative.

Key Takeaways:

  • Richard V. Downen has been appointed president of Bank of America's retail brokerage group, succeeding Henry J. Rose who recently retired.
  • Downen will oversee all full-service and discount brokerage activities, including products and services, trading, sales, and administration.
  • He will combine the activities of Bank of America's two investment brokerage affiliates, NationsBanc Investments, Inc., and BA Investment Services, Inc.
  • Downen has 22 years of banking experience, including key roles as chief operating officer for NationsBanc Capital Markets, Inc., and manager of the Liability Management Group at NationsBank.
  • He started his banking career as an economist for a Texas bank and later advanced into senior positions dealing with funds management and securities trading at large financial institutions throughout the state.
  • NationsBanc Investments, Inc., and BA Investment Services, Inc., are subsidiaries of BankAmerica Corporation, licensed broker/dealers, and members of the National Association of Securities Dealers, Inc.
  • BankAmerica Corporation is the largest bank in the United States, with $618 billion in total assets, full-service operations in 22 states and the District of Columbia, and financial products and services for 30 million households and 2 million businesses.
  • NationsBanc Investments, Inc. and BA Investment Services, Inc. offer retail brokerage services to their clients, with brokerage offices located throughout the franchise to provide needs-based investment services to clients.

Statistics:

  • BankAmerica Corporation has $618 billion in total assets.
  • The company provides financial products and services to 30 million households and 2 million businesses.
  • BankAmerica Corporation has full-service operations in 22 states and the District of Columbia.
  • NationsBanc Investments, Inc. and BA Investment Services, Inc. are licensed broker/dealers and members of the National Association of Securities Dealers, Inc.
  • BankAmerica Corporation has 30 million households and 2 million businesses as clients.

Sources:

  • PRNewswire
  • Bank of America
  • National Association of Securities Dealers, Inc. (NASD)
  • New York Stock Exchange (NYSE)
  • Pacific Stock Exchange
  • London Stock Exchange
  • Tokyo Stock Exchange
  • BankAmerica Corporation (NYSE: BAC)

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