Bank of America’s head of world funding banking Diego De Giorgi is parting from the corporate, in keeping with an internally circulated memo despatched by Matthew Koder, the financial institution’s new company and investment-banking chief.
De Giorgi will step down from his publish on February and the place will probably be stuffed by two co-heads – Jack MacDonald and Thomas Sheehan. MacDonald is a expertise banker primarily based at Palo Alto whereas Sheehan is a New York-based healthcare banker.
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The timing of this transfer is odd as solely 4 months in the past, De Giorgi’s former boss Christian Meissner departed from the financial institution.
“With greater than 50 years of mixed banking and advisory expertise, Jack and Thomas possess the best mixture of relationship administration and management abilities to proceed to drive our enterprise ahead and ship development,” Koder famous.
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The substitute got here at a time when Bank of America is battling its performances. Its advisory charges from funding banking slipped 18 p.c by the top of the third quarter of 2018 from a 5 p.c drop within the earlier 12 months’s fourth quarter. Other Wall Street giants’ advisory charges soared on this interval together with Goldman Sachs document 56 p.c rise.
Dei Giorgi took over the publish of funding head in 2016. His substitute, MacDonald joined the agency in 1994 and develop into the pinnacle of head of funding banking for world expertise, media, and telecommunications, in addition to chairman of world mergers and acquisitions final 12 months. Sheehan, then again, grew to become part of the financial institution in 2014.
Last 12 months, Bank of America relocated three senior bankers to its Paris workplace, a transfer believed to be fueled by the considerations of Brexit.