Bank of America Talent Exodus Cuts Europe Market Share in Half
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Bank of America Corp., hurt by an exodus of at least 30 senior investment bankers in Europe, is falling behind rivals fighting for a shrinking pool of business.
The company slipped to 11th place in European merger advice last year after taking over Merrill Lynch & Co. in 2009, from fourth in record 2007, according to data compiled by Bloomberg. Its share of investment-banking fees in Europe, the Middle East and Africa was cut by more than half to 2.2 percent since the acquisition, according to research firm Freeman & Co.