BofA Taps JPMorgan Investment Banker Saunders for Financials

(Bloomberg) -- Bank of America Corp. hired Benjamin Saunders from JPMorgan Chase & Co. for its financial institutions investment-banking business.

Saunders, based in New York City, joins the company as managing director to cover the banking sector, according to a memo to employees Tuesday from Will Addas, Giorgio Cocini and Gary Howe, who lead Bank of America’s global financial institutions investment-banking operation. 

Saunders was most recently the principal client coverage executive for New England and mid-Atlantic depository institutions at JPMorgan, according to the memo, which was confirmed by a representative of Bank of America. 

The hire comes amid a boom in dealmaking for Bank of America, which reported a 65% surge in advisory fees in the third quarter as a combination of cheap financing for buyers and attractive valuations for sellers spurred a wave of takeovers.

That’s meant senior investment bankers are in high demand. Bank of America promoted Addas, Howe and Cocini to their current positions in September.

Saunders, with more than two decades of experience in investment banking, began his career at Keefe, Bruyette & Woods Inc., where he became a senior coverage executive for banks in the Northeast and upstate New York region. In his latest role at JPMorgan, he led deals including Eastern Bancshares Inc.’s $1.7 billion mutual-to-stock initial public offering and acquisition of Century Bancorp Inc., as well as BSB Bancorp Inc.’s sale to People’s United Financial Inc.

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