Bank of America Recruits 40 Directors Amid Senior Talent Exits
Bank of America is recruiting dozens of senior bankers to stabilize morale and rankings after several high-profile executives departed for rivals like JPMorgan Chase.
Executives at Bank of America launched internal efforts to reassure staff following the departure of several high-profile investment bankers to competitors. The exits included senior executive Amy Lissauer, who joined JPMorgan Chase, as well as tech banker Ed Liu and former co-head of global investment banking Mike Joo, who left in August.
These losses sparked employee concerns regarding morale and the bank's competitive standing, as it currently ranks fourth in global investment banking fees for 2025 and 2026 after being surpassed by Morgan Stanley. Some staff members attributed the poaching to a bonus structure favoring deferred compensation, which makes it easier for rivals such as JPMorgan Chase and Citigroup to attract talent.
In response, CEO Brian Moynihan and other leaders, including Faiz Ahmad and Matthew Koder, emphasized the bank's ambition to climb league tables. Leadership highlighted the recruitment of over 40 new managing directors this year to offset the losses. Despite the turnover, the bank reports strong revenue and record advisory fees.
