Key facts
- Bank of America is experiencing departures of senior investment bankers to rivals like JPMorgan Chase.
- Amy Lissauer, a senior female executive, was a notable departure to JPMorgan Chase.
- Bank of America ranks fourth in global investment banking fees for 2025 and 2026, having been third in 2022-2024.
- Executives held an August 10 meeting to reassure staff about the bank's commitment to investment banking and league table rankings.
- Bank of America has hired over 40 new managing directors to its corporate and investment bank this year.
- Some bankers are concerned about compensation structures and a perceived thinning of coverage bankers in New York.
Bank of America is facing a challenge in retaining its senior investment bankers, with several prominent dealmakers, including veteran executive Amy Lissauer, departing for rival firms like JPMorgan Chase. These departures have prompted concern among staff and led executives to publicly reaffirm the bank's commitment to its investment banking division.
Lissauer's move, in particular, was seen as significant as she was a leader in defending clients against activist investors. Despite attempts by CEO Brian Moynihan and co-head of global investment banking Faiz Ahmad to keep her, her proposed compensation package at JPMorgan Chase proved too attractive to match. Other notable departures include technology dealmaker Kevin Brunner and David Fishman, co-head of technology, media, and telecom.
In response to the turnover, Bank of America executives, including Ahmad, held an in-person meeting on August 10 to reassure staff about the bank's ambitions to climb league tables and its focus on hiring senior talent, particularly in technology. Matthew Koder, president of the global corporate and investment banking unit, echoed this sentiment in an internal memo, highlighting the bank's investment in talent and its strong performance in advisory and debt issuance fees.
Despite reassurances, some bankers have expressed concerns about compensation structures and the concentration of new hires in regional investment banking rather than coverage roles in New York. A Bank of America spokesperson stated that the bank has recruited dozens of senior bankers this year and that senior managing director hires have outpaced departures.