Bank of America’s head of global investment banking, Diego De Giorgi, is parting from the company, according to an internally circulated memo sent by Matthew Koder, the bank’s new corporate and investment-banking chief.
De Giorgi will step down from his post in February, and the position will be filled by two co-heads – Jack MacDonald and Thomas Sheehan. MacDonald is a technology banker based in Palo Alto while Sheehan is a New York-based healthcare banker.
The timing of this move is odd as only four months ago, De Giorgi’s former boss Christian Meissner departed from the bank.
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“With more than 50 years of combined banking and advisory experience, Jack and Thomas possess the ideal mix of relationship management and leadership skills to continue to drive our business forward and deliver growth,” Koder noted.
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The replacement comes at a time when Bank of America is struggling with its performances. Its advisory fees from investment banking slipped 18 percent by the end of the third quarter of 2018 from a five percent drop in the previous year’s fourth quarter. Other Wall Street giants’ advisory fees soared in this period including Goldman Sachs record 56 percent rise.
De Giorgi took over the post of investment head in 2016. His replacement, MacDonald joined the firm in 1994 and become the head of investment banking for global technology, media, and telecommunications, as well as chairman of global mergers and acquisitions last year. Sheehan, on the other hand, became a part of the bank in 2014.
Last year, Bank of America relocated three senior bankers to its Paris office, a move believed to be fueled by the concerns of Brexit.