Fleet Securities has let go the majority of its real estate syndications team, including managing director and group head Michael Corbett, as a result of its pending merger with Bank of America. The group handled mainly secured and unsecured real estate debt and was comprised of about 20-25 bankers.
Although Fleet is an active lender, BofA has a stronger presence among real estate investment trusts, particularly in its New York and Charlotte, N.C., offices, and the Boston-based group would create overlap, bankers said. "There will be layoffs and there will also be additions in various business lines," the spokeswoman said, unable to elaborate. Corbett was with the bank for 28 years and built its real estate syndications team, which also has an Atlanta office that is being closed. He could not be reached.
Kip Sanford, director of syndications at Fleet, will stay on to continue working on construction and project loans in the Northeast, where BofA does not have a strong presence. Sanford will work with John Krishanson, director, and Marcy Fink, who will be promoted to v.p. He will eventually hire an analyst. Bankers speculated that it may be difficult for the group to find similar positions in the Boston area since there isn't a bank with a comparable real estate presence.