Risk head Williams to lead Wachovia's corporate banking division

Doug Williams, a risk and capital markets veteran, has been made head of global corporate banking at US financial services group Wachovia. Based at the firm's Atlanta office, he will report to Steve Cummings and Barnes Hauptfuhrer, co-heads of Wachovia Securities’ corporate and investment banking group.

William’s promotion comes as part of a major management restructuring at Wachovia, following its September 1 merger with Charlotte-based First Union, which created a combined entity with assets of $322 billion.

Williams, who has spent 20 years at Wachovia, was most recently chief risk officer for Wachovia’s corporate financial services division with oversight over the group’s credit, operational, and compliance risk.

Before this, he was co-manager of Wachovia’s capital markets division, with responsibility for the bank’s debt capital markets activities, including risk management services, leasing, asset-backed finance, debt securities origination, fixed-income sales and trading, real estate capital markets and syndicated loan finance.

His division will be split into three areas: international corporate banking, led by Rick Armstrong; US industries corporate banking group I, headed by Roger Pearce; and US industries corporate banking group II, led by Virginia Hepner.

Williams said: "We have a full set of corporate and investment banking capabilities to offer our clients, and are well positioned to provide companies with the ideas and capital to help them succeed."

Williams received a bachelor’s degree in finance from Auburn University, and completed the young managers programme at the Colgate Darden School of Business at the University of Virginia.