A Bank of America M&A MD in London disappeared
It's late in the bonus year to be deciding that you're not happy with your current employer, but this is the thought that seems to have occurred to one of Bank of America's top M&A bankers in Europe.
Edward Joudrey, an MD in EMEA M&A is said to have resigned. His rationale for doing so is unclear and Bank of America isn't commenting. Rumour has it that Joudrey is joining a small family office instead of a boutique or expansionary bank like Deutsche or Jefferies.
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Bank of America's M&A revenues fell 13% globally in the first nine months of this year, which was impressive in light of the 46% decline at, say, Deutsche Bank. Data provider Dealogic says that for the year to date through to November 9th Bank of America ranks third globally all investment banking revenues, with a 6.1% market share, up 33bps on last year. In EMEA, it ranks third with 5% market share, up nine bps on last year.
In the third quarter of 2023, BofA's combined investment banking revenue was $743m. Speaking at the time of Bank of America's third quarter results, CFO Alastair Borthwick said, "Investment Banking can come back very, very quickly to a more historical range of $1.3 billion, $1.4 billion, $1.5 billion per quarter....It's just that we've grown tired of predicting when that might be."
Joudrey's jump suggests he's not all that optimistic that M&A revenues will recover next year.
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