Bank of America has been hit by several high-profile departures from its investment banking division, creating concern among employees and prompting management to take action. Reuters reports this, citing several sources.
The departures include veteran Amy Lissauer, who left for rival JPMorgan Chase despite efforts by CEO Brian Moynihan to retain her. Several other senior bankers have also left the bank, while discontent with the compensation model is said to have contributed to the staff exodus.
Bank of America has dropped from third to fourth place in the global ranking of investment banking fee revenue. Management emphasizes, however, that the bank has strong momentum and has recruited more than 40 new senior bankers this year. The bank also reported its second-highest-ever investment banking fee revenue during the first half of the year.
