Bank of America's new MDs contain surprises after mixed bonus round
Yesterday was bonus day at Bank of America. Today is managing director (MD) promotion day. We've added the names of the 51 people promoted in capital markets and the investment bank below.
As we've noted before, Bank of America's investment bankers didn't do badly last year - their revenues fell, but by less than at rivals. Promoting new MDs is an opportunity to acknowledge this.
One group of MDs in particular did well this year: at least six of this year's new MDs are in some form of technology banking, be it software focused or the traditional technology, media and telecoms mix. Reflecting the importance of the energy landscape in the wake of the war in Ukraine, there are also a couple in energy and power. There's another couple in healthcare and a couple in consumer and retail.
There were also some surprises. Despite a challenging 2022, BofA promoted three people in leveraged finance. However, only one ECM banker made the cut.
In London, Gerardo Ubaghs Carrion was promoted after a previous career as a professional violinist. The list seems somewhat short on female names.
In some cases, MD promotions are made in lieu of bonus generosity. One headhunter says that people on the BofA MD list were compensated less vigorously than might otherwise have been the case. The bank didn't respond to a request to comment.
We don't have names for markets (sales and trading) promotions (feel free to send them to the email address below). However, based on the alleged distribution of bonuses in markets, they might be more prevalent in equities than in fixed income. One headhunter claimed equities bonuses were down 10%, compared to a decline of 10%-30% in high yield, 10-20% in investment grade and more than 40% on the syndicate desk.
Global Capital Markets MDs
Alex Bavifard Leveraged finance, New York
Hital Prakash Desai Head of CEEMEA Syndicate, London
Bryan Dobrovolski Leveraged finance, North Carolina
Sem Hamzaoui Strategic equity, London
Hector Hernandez EM Capital Markets, New York
Jon Kramer Corporate rates solutions, London
Hiroshi Oikawa Head of Japanese DCM syndicate, Tokyo
Josue Portillo Financial sponsors and FX rates, New York
Christine Roemer Strategic equity solutions (ECM), New York
Christina Starkey New York
Brendan Singleton Private capital markets, New York
Jon Stauning Leveraged finance, New York
Su Yeang Rates and derivatives marketing, LA
James McNiven Young DCM Liability management, London
Global investment banking MDs
Alex Angelatos Financial technology investment banking, LA
Andreas Apostolatos Healthcare services banking, New York
Patricia Asdourian Investment banking, Brazil
Rahul Barua Consumer and retail investment banking, New York
Ryan Berube Real estate, gaming and lodging, New York
Gerardo Ubaghs Carrion Life sciences banking, New York
Ric Cuenca Energy and power banking, New York
Carlo de Carlo Financial sponsors, London
Andreas Daimer Financial institutions banking, Frankfurt
Jonathan Denby Investment banking, Melbourne
Camille Eid MENA investment banking, Middle East
Magnus Ericson Investment banking, Stockholm
Daniel Evans Healthcare banking, Charlotte
Chris Grosse Investment banking, New York
Guillaume Hamard Investment banking, Paris
Garrett Healey Investment banking, Canada
Julio Hernandez Energy investment banking, Houston
Sjoerd van Hooijdonk Investment banking, Amsterdam
Rishi Jhaver M&A, New York
Howard Liu Banker, Singapore
Pratik Mehta Software investment banking, San Francisco
Ross Michler Consumer and retail banking, New York
Rob Michlovich Technology investment banking, New York
Neal Nisargand Technology investment banking, San Franciso
Haani Paienjton Junior
Mike Pierre TMT banking New Jersey
Marco Polli Investment banking, Milan
Michael Ruflin M&A, New York
Martin Saravia LatAm investment banking, New York
Vish Setia Biopharma investment banking, San Francisco
Harsha Shah Financial sponsors, London
Marly Gillece Smith
Luke Toland Real estate and gaming, London
John Vincent TMT banking, San Francisco
Jasmine Wang Energy and power banking, Hong Kong
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