FleetBoston Financial Corp.
said Robert Lamb, its former corporate controller, will return to
the seventh-biggest U.S. bank as chief financial officer after two
years at BearingPoint Inc.
Lamb, 47, will replace Eugene McQuade, who was named
FleetBoston president and chief operating officer in August. A
former captain in the U.S. Army, Lamb worked for FleetBoston for
14 years before becoming CFO of the consulting firm, formerly
known as KPMG Consulting Inc., the bank said.
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Gifford is adjusting his management team after net losses in
two of the last four quarters. The bank has lost more than $2.3
billion in Argentina since the country defaulted on its debt late
last year. In July, it shuttered its San Francisco investment bank
after technology stocks plunged and business dried up. Shares have
fallen 33 percent this year.
“The fact that he was at Fleet and now is willing to come
back is a positive,” said David Dietze, president of Summit, New
Jersey-based Point View Financial Services, which manages $100
million, including FleetBoston shares. “Fleet is a very different
organization then when he left.”
Lamb, who reported to McQuade from 1993 to 2000, will return
to FleetBoston in December. McQuade will begin his new job in
January, when Gifford gives up the president’s title. BearingPoint
said in a statement it has started looking for a replacement for
Lamb.
Gifford cut off new funds to Latin American operations this
year and is trying to sell more loans and mutual funds to U.S.
consumers and smaller companies. Third-quarter net income fell 24
percent to $579 million after a net loss of $386 million in the
second quarter.
Lamb “understands our strategy and vision,” Gifford said in
a statement. “We’re confident that he’ll become an integral part
of our executive management team.”
Bloomberg News
