BofA Taps Brakes on Risk, Spurring Banker Departures

https://www.bloomberg.com/news/articles/2018-06-07/bofa-is-said-to-tap-brakes-on-risk-spurring-banker-departures

  • After reaching a record in 2017, Bank of America's fees for advising on deals tumbled 27 percent in the first quarter from a year earlier, the steepest drop among big U.S. banks.
  • Since March, when an internal probe of the Steinhoff dealings wrapped up, the bank's sales of emerging-market debt have declined by more than a third compared with a year earlier, even as the market for new bonds grew.
  • The bank has lost more share than any peer in arranging new equity deals in Europe, the Middle East and Africa this year.
  • And it recently fell behind JPMorgan Chase & Co. in offering leveraged loans in the U.S. this year, a market it's dominated since early 2009.

Moynihan is big on "responsible growth", but seems like he's more interested on the former than the latter.

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Jun 7, 2018 - 10:57am

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