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Top Women Executives Lose Jobs and Ranking After Bank Merger

Since the merger of Bank America Corp. with NationsBank Corp. in October, the 10 highest-ranking women executives at BankAmerica have either resigned or been demoted, reported the San Francisco Chronicle.

Six of the 10 women resigned after losing their assignments to NationsBank executives, and four other women received jobs in the new bank which lowered their authority, current and former employees reported to the paper.

Due to terms in their severance packages, the women interviewed requested anonymity.

The new BankAmerica responded with a claim stating that the women were not pressured to leave. “Each of the women made a decision based on a combination of personal and professional factors,” Executive President of Diversity Programs Lorraine Stimmel stated. “Many of the female executives were offered what I would consider important positions in the new company.”

Some of the women also reported feeling insulted when NationsBank Chairman and Chief Executive Hugh McColl presented a videotape to employees which featured him bragging that he had “the best men in banking.”

Sources:

Womenconnect.com - December 7, 1998