BofA FIG is falling apart?
I heard multiple top juniors and even seniors (VPs/MDs) left after the outrages bonus season this year. Any updates from insiders in the team?
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No info here, but suprising that the only reason that people are leaving that group is that the bonuses are trash - not that the workload killed a literal Green Beret
Banks coverage MD quit BofA on Friday for JPM
Fake news.
Never ever disrespect a veteran. Hope clients don’t give them mandates. RIP LUKENAS.
One of their rising MD stars now leads a group at MS.
They’ve been losing talent all over the investment bank due to the shit pay. FIG is especially bad because of what happened with the Green Beret.
The bank was also bullied into doing an investor day last week by their shareholders for having the worst returns on Wall Street relative to competitors. Stock fell even further after that.
I used to work there and hope their banking franchise crumbles due to their greed. Consistently bragging about gaining share and being #3 in the league tables while paying street low bonuses year after year. You get what you deserve.
A buddy that recently left BofA told me they have lost pretty much all their talent across group from craptastic pay. Apparently they have a middle market team loaded with bottom bucket internal transfers that has like 250 bankers or something with no deal flow LOL
bofa EGRC is paradise
I ain’t in EGRC, don’t play me for a fool
Those knuckleheads be eating into the bonus pool
BofA bonus got me feeling like a broke boi
Can’t pay my rent with this deal toy
Just not true.
They've always been ~#2 in DCM and #4 or 5 in M&A and that hasn't changed. If anything their market share has increased. Losing a handful of VPs they didn't have room to promote isn't partiuclarly notable nor a bad thing.
They’ve been maintaining their market share solely by ballooning their headcount, hence the terrible pay across the board. The mid levels get shafted the most.
Correct if a handful of VPs leave, it doesn’t matter. But if 70% of VPs leave, as was the case across most BofA groups this year, the bank feels the burn. Lots of top bucket VPs left too.
BofA also dogs every level with pay, not just VPs. Where did the global TMT head vanish to last week? How about the global co head of Industrials the month before?
Why did the bank only promote 3 MDs last year, when smaller competitors promoted many more? They know they are over indexed at every level, including MD.
Why was Moynihan bullied by his board into doing an Investor Day? Why did the stock tank after? Because the bank is not efficient and doesn’t manage headcount & talent well.
You’re denial about the state of BofA. They are I) huge and ii) OK in capital markets given the balance sheet. Everything else is a dumpster fire.
Feature, not a bug.
There are more than enough mid-bucket VPs at GS, MS, JPM and the boutiques and they won't all get promoted. BofA's home grown team will never be as good as the top names.
No point in paying up to retain VPs and directors if they can just hire whoever gets pushed out at that level across the top banks.
Banks lost two MDs in three months, one senior MD left last week for a competitor who covered mid cap banks
Didn’t invest despite all the M&A activity in the sector, tells you something about priorities
Heard the MD that led the UMB deal who is close to the group head went to MS this summer and their best VP went to PE
The one who moved to MS wasn't involved in UMBF deal. Personally I think he's far from being the best MD but anyways. Also the VP who left will join private credit, not PE.
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