Bank CEO: Women Get Promotions

Bank of America's chairman says he's offended by reports questioning the bank's commitment to promoting women.

"I want to make sure our position is crystal clear. Bank of America is an inclusive meritocracy," Hugh McColl said in a letter.

"That means we are firmly committed to the advancement of the most qualified people and we will reward these associates who achieve results regardless of their gender, religion, sexual orientation, or any other non-performance-related factors."

McColl's comments came after a newspaper article that reported that since the Sept. 30 merger of San Francisco-based BankAmerica and Charlotte's NationsBank, all of the former BankAmerica's top 10 women executives have left or seen their authority shrink in the merger's wake.

Six of the 10 opted for generous severance packages after seeing their jobs go to NationsBank execs. Others saw their authority reduced, the article said.

Accusations of insensitivity to women run counter to the image it cultivates as a progressive company that supports the arts and aggressively promotes minorities.

McColl's letter said women have important senior management positions in his company and that four of the corporate directors are women.

"Our work and family programs for years have been hailed as innovative, consistently placing us in a leadership position as a preferred place to work," he said.

A bank spokesman said Monday 30 percent of the executives who decided to stay with the bank instead of taking severance after the merger are women.

NationsBank's culture is unabashedly macho, as shown by the crystal hand grenade that McColl gives out each year as his signature award for meritorious service.

In that environment, several women have climbed to the top at NationsBank: Eileen Friars to president of the credit card division, Amy Brinkley to head of marketing, and Alex Sink to president of Florida operations.