STATE : Clausen to Retire, Paper Says
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SAN FRANCISCO — 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. He left to join the World Bank in Washington in 1981.
Once the largest bank in the nation, BankAmerica suffered major losses related to its Third World loans in 1985-87. BankAmerica, parent of Bank of America, lost nearly $1 billion in 1987.
Just last week, BofA reported its 1989 earnings were up an impressive 52%.
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