Bank of America exec ready to integrate LaSalle Bank
CHARLOTTE, N.C. -- Liam McGee, Bank of America's president of global consumer and small business banking, chatted with The Associated Press about his thoughts on leading his bank's retail growth and customers' perceptions of the conversion from the LaSalle Bank brand.
Q: How would you describe this past year and the acquisition of LaSalle?
A: We were always excited about LaSalle. They had, and now we have, a great franchise in Chicagoland, which was very much a priority for us. We think that's a great market and now as market leader in Chicago, it really helped us complete that strategic goal we had. We are also very excited about being a leading bank in Michigan.
Q: What will customers experience on Monday?
A: They are going to experience the Bank of America brand first and foremost, with only a very few exceptions. They are going to see Bank of America signs throughout the former LaSalle franchise. So those red signs will be very evident in Chicago. In October, we did make ATMs available to all customers. And now customers will have access to most of our wide array of products and services.
Q: What implications are there for LaSalle customers and the Chicago business community?
A: It's just another tangible sign that one of the most successful, strongest, most stable financial services companies in the world is a very significant part of the Chicago business community. We understand we have to continue to earn that, but we think that should be good for Chicago, to have a responsible corporate citizen like Bank of America.
Q: Why is being in Chicago important?
A: We have always been clear, (chief executive) Ken (Lewis) has, other members of our leadership team have said that Chicago was a market that we believed was important to our franchise over time. And that we wanted to be in there. And LaSalle provided the best opportunity for us to accomplish that strategic goal. The reason Chicago is important, first of all, it is one of the three largest markets in America. The demographics of it are changing rapidly. And it has a robust business community.
Q: What growth plans does the bank have for the Chicago market?
A: With this franchise now in Chicagoland and Illinois and Michigan, we believe we have the components we need to grow the business. So we are very focused now on servicing and retaining the customers that were former LaSalle customers, (to) continue to earn their trust. And using the great capabilities that LaSalle had to grow our business faster.
Q: How do you explain to the average retail customers -- someone with a basic checking account and savings account, and maybe a mortgage -- the ongoing financial market turmoil?
A: This downturn in economic activity is unusual. In our view, the contraction of housing values across America was the catalyst for, as I said, at a minimum for recessionary characteristics. ... These are somewhat unprecedented times and I think it is important to be candid about that. What I would say to the average consumer, the average entrepreneur, that this is a time where strength and stability of your banking and financial services partner is important.
Q: Are you hearing from average customers who are worried their bank accounts? What are they saying?
A: We are not hearing an outcry about that. Clearly, if you were to talk to individual branch teams, they would say customers are asking more questions than they ever have. In our experience, based on some of the growth we're getting across our franchise and across our product line, although customers are asking questions, they are differentiating between those companies who are stable and strong and those that perhaps who are not.