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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    

Kevin Barthelmes                         

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  

Shuhei Yamashita

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AUTHORSarah Butcher Global Editor

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