BofA Exodus: will the last EGRC MD please turn off the lights?
Absolutely staggering number of MD departures in 26 alone. They weren't fired because these guys and gals are moving to better platforms. BofA is not hiring any MDs to replace them except in EGRC. Add to that talk that return offers will be lower than prior years. The low bonuses must have finally caught up with them, or the MDs are jumping ship while their stock is at ATH to maximize the buy out.
From a Rogo screen:
Mike Joo (today)
Amy Lissauer (yesterday)
Brian Henderson
Ed Liu
Chris Groe
Homan Milani
+ at least 6 others
Tell us more about the return rumors. Are they cutting that many offers?
HR hasn't given indication yet. Staffer may know but not sharing.
Bank really needs to announce some decent poaching soon. Morale in toilet for many groups. Imagine being in a director seat and your senior sponsor bounces. I'd be updating my resume.
i mean this could be a ***golden*** opportunity to make md and leave for an eb in a few years
So is Mike Joo a fake banker that nobody respects as head of IB or is he an irreplaceable loss as our fearless leader? Can we pick a lane here?
Did he have the reputation as a fake banker? Irregardless, not a good look for BofA to scramble for a replacement. Have the bank announced any key hires in the past year? All the announcements have come from JPM, WF or Citi
Not sure why you are commenting on the situation as you clearly don’t know what you’re talking about.
Srs at BofA did not like Joo because he was never a banker. He has never been on a deal in his life.
“Irregardless”? God help us all.
It is far worse than it seems too. Just in GIG alone we lost like 6 MDs this year. All good ones too. We have EGRC LARPers trying to cover these spots now since no bodies remain.
it’s okay slippy next up 😈😈
that is the problem right there. so many departures that there isn't anyone left to step up. heh
GIG lost almost their entire roster in a span of 2-3 years. That group gets treated like absolute dirt… does all the deals only for their bonuses to be siphoned off by EGRC LARPers who do nothing except beg for coverage team slides to copy and paste
Why did Amy leave?
Cuz the bank sux. I bet the Head of M&A who left for JPM poached her. Ironic since they put Mike joo as head of IB intead of that guy causing him to leave and now MJ jumped ship too
BofA has been on a downward trajectory since Tom Montag “retired”. Brian's best days are behind him and a wholesale change in leadership across the firm is needed.
https://www.reuters.com/world/bank-america-loses-bankers-tells-staff-big-ambition-continued-hiring-2026-10-13/
MJ ran from the EGRC mess he created the first chance he got. They chose him over KB to head IB, who subsequently left and poached lissauer to JPM.
Their stubbornness to grow middle market is killing them
Was he under pressure? How did he get to be head of IB in the first place?
No one knows… most were surprised when MJ got picked over KB… especially when the largest reason KB left M&A to head up TMT was to prepare him for the head of IB role
Head scratcher as well as MJ has (I think) no M&A experience
My guess is since MJ is a Ops Guy, he was offered the role. It’s no secret that since 2022, BofA has tightened the belts on expenses. That belt tightening not only came in the form of bonus compression, but also more deferred compensation, strict tracking of client meetings, reducing the no. of promotions etc. Faiz was the deal guy and was wheeled out for important client meets and MJ was the Ops Guy keeping a lid on expenses and expanding the EGRC group. MJ would call junior directors and MDs to ensure they had been logging their client meetings on BofA internal system. He was there to make sure bankers followed process
Sheehan to PJT https://www.bloomberg.com/news/articles/2026-10-19/bank-of-america-senior-banker-thomas-sheehan-departs-for-pjt
It is common knowledge that BofA is a capital markets franchise in 2026. In the late 2010s/early 2020s the franchise was making strides in M&A and trending towards competing with the top dogs, but a combination of strategic missteps and aggressive poaching from rivals pulled them down the past few years. They’re now firmly in the camp of Citi/Barclays/Wells… perhaps worse when you consider factors like pay and overall trajectory of the investment bank
Agreed. A capital markets bank, but even their ECM desk is pretty terrible. They rely way too much on their DCM & Lev Fin and other Cap Markets teams to make up for
Bump
lmao this title. is it one group or is it everywhere?
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