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Investment banker out

Tuesday, March 26, 2002 | 9:50 a.m.

CHARLOTTE, N.C. -- Bank of America Corp. fired Edward Carter as head of corporate and investment banking and said Carter McClelland, his boss, will take over daily management of the underwriting and mergers advisory division.

Carter held the job since December 2000 and reported to McLelland, president of Banc of America Securities. The Charlotte-based bank's chief executive officer, Kenneth Lewis, is pushing to sell more lucrative investment banking services to traditional borrowers.

"They want McClelland to be more hands on," said Phil Larkins, market strategist for Legacy South Inc., which manages $440 million in assets and owns 220,000 Bank of America shares. "They aren't satisfied with the cross-selling that extends the corporate customers into investment banking."

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