Bofa is very good on the trading side. They've built it using their huge balance sheet + experienced traders from other more traditional firms, gs, leh, bear etc. They can take a lot more risk with that bal sheet and are growing it pretty fast.

Their ibanking is a bit weaker and are prob more like top 10 (maybe) in terms of league tables. They also have a lot of ex-bankers from brand name places, but their deal flow isn't great.

 

Interviewed with them, wasn't too impressed. They do a LOT on the debt side but are very light on M&A and other advisory work. They were late to my interview and frankly seemed pretty desperate. Also, they hire away a lot of very good senior bankers from other firms, but these bankers tend to leave as soon as their contract ends.

I would take Jefferies or another quality MM over B of A. Definitely not a group that I would want to work with...

 

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March 2024 Investment Banking

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