Senior Executive Departure and Ranking Competition Among Major Banks
What happened
Amy Lissauer, a senior female executive at Bank of America, was considered by JPMorgan Chase. Attempts by Bank of America CEO Brian Moynihan and co-head of global investment banking Faiz Ahmad to persuade her to stay were unsuccessful. Her departure, along with other recent losses, prompted Bank of America executives to address staff concerns about falling behind rivals in investment banking.
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Why it matters
The loss of senior dealmakers at Bank of America raised concerns among executives that the bank might be falling behind competitors during a capital-markets boom. This talent competition is part of a larger rivalry among major investment banks in the global financial sector.
Goldman Sachs, Morgan Stanley, JPMorgan Chase, and Bank of America are competing in the global investment banking sector.
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Who's involved
- LissauerSenior executive at Bank of America who was courted by JPMorgan Chase.
- Bank of AmericaBank whose senior executive departed and which expressed concerns over talent loss.
- JPMorgan ChaseRival bank that courted Amy Lissauer.
- Faiz AhmadCo-head of global investment banking at Bank of America who attempted to retain Lissauer.
- Morgan StanleyMajor competitor in the investment banking market.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Bank of AmericaSpeculative
The loss of senior dealmakers could hurt Bank of America's core revenue.
- JPMorgan ChaseSpeculative
Talent acquisition from Bank of America could strengthen JPMorgan Chase's competitive position in investment banking.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Heightened bank competition may increase talent poaching risk for CitigroupCitigroup may face increased risk in retaining senior bankers amid competitive talent warsPossible
- Faiz Ahmad's division faces operational pressure from competitive ranking lossesFaiz Ahmad's division faces operational pressure from competitive ranking lossesPossible
Keep exploring
The entities involved
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Goldman Sachs
American investment bank
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Bank of America
American multinational banking and financial services corporation
- Governor Newsom issued a proclamation supporting infrastructure improvements, observed near a Bank of America construction site.
- Citigroup reiterated a market perform rating, Bank of America restated an underperform rating, and Raymond James Financial started coverage for Omega Healthcare Investors, Inc.
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Morgan Stanley
U.S. investment bank
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JPMorgan Chase
American multinational banking and financial services holding company