Sovereign Bank has set up a loan syndications and trading group. William Maag, who was a managing director at Fleet Securities prior to the acquisition by Bank of America, is a senior v.p. and market manager. Kenneth Weber and Jonathan Smith have also joined. According to The Boston Globe, Maag “spent weeks meeting Sovereign executives at obscure suburban restaurants, taking phone calls on the sly and hashing out a business proposal at a country club near the New Hampshire border.” Reportedly, Maag realized early on that when B of A merged with Fleet, the new bank would not let him stay. Instead he bailed out taking a colleague from the bank’s loan syndication department. Maag did not return calls for comment.
Maag Joins Sovereign For Loan Syndications Group