While Union Bank of California is having a good year in terms of brokerage revenues, it isn’t having much luck holding onto sales managers, according to sources.
The bank let go of national sales manager Jonathon Allen back in May this year after 14 years, according to his LinkedIn page. After a search, Union hired Dino Aloisio two months ago. Aloisio is already gone. His LinkedIn page lists his current title as market director at Bank of America in the Greater Los Angeles area.
Sources suggest that the sales managers may be butting heads with Steven Short, who was named chief executive officer of UnionBanc Investment Services in June 2007. Short declined to comment. Union’s spokeswoman Joanne Curran confirmed that Aloisio was no longer with the bank.
Union Bank’s wealth management unit grew by double digits last year and are on track to grow at least that much in 2010, but much of the growth in the wealth management unit has come from loans and deposits, according to Mary Curran, executive vice president of the wealth management group, commenting on an earlier story in American Banker. However, investment assets have remained stagnant since Short joined the firm, at $6 billion of assets under administration and $4.6 billion of assets under management are about where they were in 2007, according to Curran.