Word: clausen
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Clausen, 63, it was a tough homecoming last week. The man who reigned as president of BankAmerica from 1970 until his retirement in 1981 was back, this time as chairman, in his old offices on the 40th floor of the company's San Francisco headquarters building. There he was confronted by an unfamiliar and sobering array of corporate and financial problems. Clausen, however, did not seem unduly worried. Said he: "We are going in the right direction. I'm here to accelerate the pace...
...pace of change at BankAmerica (current assets: $117 billion) had already picked up quite a bit. The 15-member BankAmerica board had met over the previous weekend to recall Clausen hastily from his retirement in Washington. His task: to take over as chief executive officer from the man who was both his successor and now his predecessor, President Samuel Armacost, 47, who resigned on Oct. 10. Directors also bade farewell to BankAmerica Chairman Leland Prussia, 57, who took early retirement. Now Clausen must deal quickly with a flood of red ink amounting to almost $1 billion in losses...
Many financial analysts think Clausen shares some responsibility for the bank's current woes. His previous tenure produced a rapid acceleration of BankAmerica's lending in energy, farming and the Third World, all areas that have since generated loan losses. Last week Clausen bristled at any mention of those decisions, but added, "Would I have done some things differently? Of course...
...short run, Clausen does not intend to do things much differently than what Armacost, who was picked by Clausen as his successor in 1981, was at the end. Armacost had begun selling $1.3 billion in assets and chopping 5,000 staffers from an 80,000-member payroll. Another 5,000 layoffs are expected...
...Clausen is expected to be equally remorseless in defending BankAmerica's independence. He has told the company's senior managers that he "remains to be convinced" of the virtues of the three-week-old merger offer from First Interstate and its chairman, Joseph Pinola, 61. For the record, however, Clausen declared, "We are seeking more information about the proposal. When we get it, we will weigh its merits...