BofA Sees More Senior Investment-Banking Turnover as Lissauer Joins JPMorgan
Bank of America is losing senior executive Amy Lissauer to JPMorgan Chase after attempts to retain her failed, Reuters reported. Her exit follows several other senior investment-banking departures, and some employees have raised concerns about deferred compensation. BofA says it has hired more senior bankers than it has lost and reported strong investment-banking fees in the first half.
Amy Lissauer, a senior female executive, is moving to JPMorgan Chase after Bank of America’s CEO and an investment-banking co-head tried unsuccessfully to retain her. The reported pay offer was beyond what BofA felt able to match. She is known for advising companies targeted by activist investors.
Other recent departures include Mike Joo, Ed Liu, Kevin Brunner and David Fishman. In August, executives met with staff and a memo noted over 40 new managing directors. Some bankers cited deferred bonuses as a vulnerability. BofA says senior hiring has exceeded losses, and first-half investment-banking fees were its second-highest ever.
The turnover may influence how banks compete for senior talent and how employees view deferred pay. Clients could see relationship changes if bankers move, while investors may weigh talent risk against reported fee growth. Broader effects on society are likely indirect, through financial-sector hiring norms and the stability of advisory services.