Mellon Bank management reorganized; Banking


PITTSBURGH -- Mellon Bank Corp. reorganized its senior management in its first day under new Chairman Martin McGuinn, giving its three top officers more responsibility amid the departures of Vice Chairmen Jamie Stewart Jr. and David Lovejoy.

The jobs of both Stewart, 54, and Lovejoy, 50, will be divided between McGuinn, 56, and Chief Financial Officer Steve Elliott, 52.

President Christopher Condron, 51, will assume responsibility for retail banking, relinquishing his post as president of the Dreyfus family of mutual funds to Steve Canter, 53, currently chief investment officer for Dreyfus.

In addition to being chairman, McGuinn retains responsibility for wholesale banking, which he assumed in March.

Frank Cahouet retired as chairman, effective yesterday. Cahouet remains a member of the board of directors at the bank.

Elliott will take over global cash management, capital markets and other processing-oriented business.

The Pittsburgh-based bank has about $47.9 billion in assets.

Pub Date: 1/05/99

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