A.W. Clausen | A World Bank chief, 89

Posted: January 24, 2013

A.W. "Tom" Clausen, 89, who led San Francisco-based Bank of America before and after serving as president of the World Bank, died Monday, Jan. 21, at Mills-Peninsula Medical Center in Burlingame, Calif., of complications from pneumonia, said his wife, Helen.

From his start as a part-time cash counter in a branch office in Los Angeles, Mr. Clausen rose through the ranks of Bank of America and its holding company, BankAmerica Corp., becoming president and chief executive officer in 1970. He was credited with reviving the bank during his second tenure there, from 1986 to 1990.

Mr. Clausen often spoke publicly about the needs of developing countries, according to a 1980 New York Times profile. That focus led to President Jimmy Carter's nominating him in 1980 as World Bank president.

During Mr. Clausen's term, from 1981 to 1986, the World Bank struggled to help developing nations endure one of the worst recessions since World War II.

Survivors include two sons and five grandchildren. - Bloomberg News

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