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© Reuters.
By Lananh Nguyen
NEW YORK (Reuters) – Richard Rosenberg, the previous Financial institution of America Corp (NYSE:) chief govt who presided over a spree of acquisitions that doubled the financial institution’s property, has died. He was 92.
He died on Friday, in accordance with an announcement from his household on Sunday which didn’t point out the reason for dying.
Rosenberg, a former Navy commander, served because the financial institution’s chairman and CEO from 1990 to 1996. He took the helm because the trade was deregulating and orchestrated a number of main offers together with a $4 billion merger with Safety Pacific Nationwide Financial institution, one the most important banking offers of its time.
Throughout his tenure, BofA’s property grew to $225 billion. They’ve since swelled to extra $3 trillion after extra offers, together with the acquisition of Merrill Lynch throughout the 2008 monetary disaster.
Rosenberg obtained a bachelor’s diploma in journalism from Suffolk College and later earned a regulation diploma and MBA at Golden Gate College in San Francisco. He served within the Navy on lively responsibility for eight years throughout the Korean Warfare and throughout the evacuation of refugees and French troops from Vietnam.
After his naval service, Rosenberg spent 22 years at Wells Fargo (NYSE:), the place he rose to vice chairman and popularized its trademark stagecoach brand. He joined Financial institution of America in 1987 to run its California operations, serving to the corporate to swing to a revenue from losses.
Following his retirement, he served on company boards and did philanthropic work.
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