Bank of America’s Merrill Lynch Hires Goldman Sachs Former Partner Sinha
Bank of America Corp.’s Merrill Lynch unit, ranked sixth among advisers on takeovers announced globally last year, recruited former Goldman Sachs Group Inc. (GS) partner Ravi Sinha to help win more business.
Sinha, who retired in April 2010 after 21 years at Goldman Sachs, will join in New York this week as an executive vice chairman of the global corporate and investment-banking unit, according to a memo to employees from Purna Saggurti, GCIB chairman, and Tom Montag, the co-chief operating officer who runs Bank of America’s corporate and institutional client businesses. Sinha will report to Saggurti. John Yiannacopoulos, a Bank of America spokesman, confirmed the memo’s contents.
Montag, who worked at Goldman Sachs for 22 years before joining Merrill Lynch in 2008, told staff in a Jan. 19 meeting that the global banking and markets business is preparing for a “new game” after reporting two consecutive quarterly losses in 2011. Last week he promoted Christian Meissner, another Goldman Sachs alumnus, to be sole head of global investment banking.
“Ravi is widely respected as a top-notch investment banker by both clients and competitors,” Montag and Saggurti said in the memo. “He has extensive experience across multiple industries, geographies and products and has been a senior adviser to a number of CEOs and boards of directors.”
Goldman Sachs, the fifth-biggest U.S. bank by assets, regained the top spot last year among advisers on global mergers and acquisitions that it had held every year from 2001 through 2008, according to data compiled by Bloomberg.
Goldman Sachs Adviser
Since April 2010, Sinha has remained an advisory director at Goldman Sachs. Advisory directors advise the firm on matters related to their areas of expertise and aren’t employees.
He joined Goldman Sachs as an associate in mergers and acquisitions in 1989, was promoted to managing director in 1998 and to partner in 2000, and founded and became co-head of the team that advises industrial companies in the Americas in 2002. In 2007 Sinha became co-head of the team that advises natural- resources companies globally and a year later moved to Hong Kong to help lead investment banking in Asia outside Japan.
Sinha’s appointment was reported by the Wall Street Journal yesterday.