Former Mercantile exec Preston lands job with BofA

FWR Staff

1 June 2006

Ex-head of Baltimore bank’s private-client biz ups stakes for the Big Apple. Bank of America’s private bank has named Margaret Preston as market executive for New York City, charging her with the responsibility of delivering wealth-management services to high-net-worth individuals and families in the market.

Based in New York, she will supervise private-banking teams that serve clients by providing trust and wealth-transfer services, liquidity management, comprehensive investments and credit solutions.

“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,” says Suzanne Sack, the bank’s Northeast regional president. Sack cited Preston’s “vast knowledge of the high net worth market and exceptional leadership skills” as instrumental in the choice.

Preston joins the Bank from Baltimore-based Mercantile Bancshares, where she was head of private-wealth management. She was replaced in that role after four years by former Legg Mason regional director and brokerage-unit board director Jeffrey Durkee.

Preston has also worked for Deutsche Bank and Salomon Brothers. –FWR