BofA Head of Investment Banking De Giorgi to Leave Company

(Bloomberg) -- Bank of America Corp.’s head of investment banking, Diego De Giorgi, will leave the company at the end of February, according to a memo.

Jack MacDonald in Palo Alto, California, and Thomas Sheehan in New York were named co-heads of investment banking, according to the email sent by Matthew Koder, the bank’s new corporate and investment-banking chief. A spokesman for the lender confirmed the contents of the memo.

“With more than 50 years of combined banking and advisory experience, Jack and Thomas possess the ideal mix of relationship management and leadership skills to continue to drive our business forward and deliver growth,” Koder wrote.

The appointments come as Bank of America tries to reinvigorate the unit. The company’s fees from investment banking slipped 5 percent in the fourth quarter from the year before, following an 18 percent plunge in the period ended Sept. 30, 2018.

Dealmakers are being sent out to rebuild market share after the Charlotte, North Carolina-based lender got “a little too careful,” on risk, Chief Executive Officer Brian Moynihan said last month. The bank is hiring bankers who have capital-markets expertise, and targeting more mid-sized transactions, he said.

De Giorgi has been the head of the investment bank since 2016. MacDonald joined the company in 1995. He was picked last year to become head of investment banking for global technology, media and telecommunications, as well as chairman of global mergers and acquisitions.

Sheehan is head of health-care investment banking. He joined Bank of America in 2014.

To contact the reporter on this story: Lananh Nguyen in New York at lnguyen35@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, David Scheer

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