Advertisement
Canada markets closed
  • S&P/TSX

    21,217.53
    -38.08 (-0.18%)
     
  • S&P 500

    4,975.51
    -30.06 (-0.60%)
     
  • DOW

    38,563.80
    -64.19 (-0.17%)
     
  • CAD/USD

    0.7395
    -0.0019 (-0.26%)
     
  • CRUDE OIL

    78.27
    +0.09 (+0.12%)
     
  • Bitcoin CAD

    70,663.36
    +633.33 (+0.90%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,035.50
    -4.30 (-0.21%)
     
  • RUSSELL 2000

    2,004.14
    -28.60 (-1.41%)
     
  • 10-Yr Bond

    4.2750
    -0.0200 (-0.47%)
     
  • NASDAQ futures

    17,581.25
    -26.00 (-0.15%)
     
  • VOLATILITY

    15.42
    +0.71 (+4.83%)
     
  • FTSE

    7,719.21
    -9.29 (-0.12%)
     
  • NIKKEI 225

    38,363.61
    -106.77 (-0.28%)
     
  • CAD/EUR

    0.6838
    -0.0036 (-0.52%)
     

Richard Rosenberg, former Bank of America chief who doubled its assets, dies

By Lananh Nguyen

NEW YORK (Reuters) - Richard Rosenberg, the former Bank of America Corp chief executive who presided over a spree of acquisitions that doubled the bank's assets, has died. He was 92.

He died on Friday, according to a statement from his family on Sunday which did not mention the cause of death.

Rosenberg, a former Navy commander, served as the bank's chairman and CEO from 1990 to 1996. He took the helm as the industry was deregulating and orchestrated several major deals including a $4 billion merger with Security Pacific National Bank, one the largest banking deals of its time.

During his tenure, BofA's assets grew to $225 billion. They have since swelled to more $3 trillion after more deals, including the purchase of Merrill Lynch during the 2008 financial crisis.

Rosenberg obtained a bachelor's degree in journalism from Suffolk University and later earned a law degree and MBA at Golden Gate University in San Francisco. He served in the Navy on active duty for eight years during the Korean War and during the evacuation of refugees and French troops from Vietnam.

After his naval service, Rosenberg spent 22 years at Wells Fargo, where he rose to vice chairman and popularized its trademark stagecoach logo. He joined Bank of America in 1987 to run its California operations, helping the company to swing to a profit from losses.

Following his retirement, he served on corporate boards and did philanthropic work.

(Reporting by Lananh Nguyen; Editing by Edwina Gibbs)