The Private Bank of Bank of America Names Market Executive for Metro New York
May 18, 2006
NEW YORK – The Private Bank of Bank of America today announced the appointment of Margaret M.V. Preston as market executive for New York City. In this role, Preston will be responsible for leading The Private Bank’s efforts in delivering comprehensive wealth management services and advice to wealthy individuals and families in the market.
Based in Manhattan, she will oversee Private Bank teams which serve the complex needs of clients by providing an integrated approach to trust and wealth transfer services, liquidity management, comprehensive investments and credit solutions. Preston, who will report to Private Bank Northeast Region President Suzanne Sack, joins the company from Mercantile Safe Deposit & Trust Company, where she served as executive vice president of Private Wealth Management.
In making the announcement, Sack said, “Margaret will leverage more than 25 years of industry experience in working with her teams to deliver the full capabilities of The Private Bank and to tap the larger resources of Bank of America for existing and prospective clients. Her vast knowledge of the high net worth market and exceptional leadership skills will be invaluable as we work to meet the sophisticated and changing needs of clients within one of the world’s primary wealth centers.”
Prior to joining Mercantile Safe Deposit & Trust Company in May 2002, Preston held a number of senior leadership positions for Deutsche Bank in her nearly 20 years with the company, including serving as chief operating officer of Asset Management, and earlier, for Investment Banking in the Americas, as well as chief financial officer of the Global Private Bank. She began her career with Salomon Brothers in New York in 1979.
Preston received an A.B. degree from Trinity College and an M.B.A. from Harvard University. She has served on the board of directors for numerous not-for-profit groups and has been the recipient of various honors, related to her work with the Girl Scouts, United Way and Huntington’s Disease Society of America.
The Private Bank of Bank of America has over 140 offices across the United States. With $166 billion in assets under management as of March 31, 2006, The Private Bank delivers an array of wealth management capabilities and solutions to high net-worth individuals and their families.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 54 million consumer and small business relationships with more than 5,700 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 19 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. www.bankofamerica.com
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