Bank of America Hires Former Goldman Sachs Banker Luigi Rizzo
Bank of America Corp., the second- largest U.S. lender by assets, hired former Goldman Sachs (GS) Group Inc. banker Luigi Rizzo to become head of mergers and acquisitions for Europe, the Middle East and Africa.
Rizzo, 42, will be based in London, when he joins in August, Adrian Mee, head of international mergers and acquisitions, said in a memo to employees today. The contents of the memo were confirmed by a spokeswoman for the bank in London. Philip Noblet, who co-runs the European advisory business, was appointed chairman of the unit.
“These two appointments are important steps and represent further investment in our strategically important global M&A business,” Mee said in the memo.
Bank of America’s investment bank, overseen by the firm’s Co-Chief Operating Officer Thomas K. Montag, has been seeking selective hires after freeing payroll by cutting more than 30 employees, said a person with knowledge of the strategy in March. It has also been overhauling and adding to its investment-banking team in Europe following the exits of Andrea Orcel as chairman of global banking and markets and Jonathan Moulds, the firm’s president of Europe.
The bank last year hired Alex Wilmot-Sitwell from UBS AG (UBSN) as president of its European division and Diego De Giorgi, chief operating officer of Goldman Sachs’s investment-banking division, as joint head of global corporate and investment banking for Europe.
Bank of America slipped to eighth among global merger advisers last year from sixth in 2011, data compiled by Bloomberg show. The bank is also the fourth-largest stock underwriter this year, up from fifth in 2012, the data show.
Rizzo, who joined Goldman Sachs in 1993, specializes in areas including financial mergers and left the firm about January, a person with knowledge of the matter said at that time. He was made a partner at the New York-based firm in 2008.
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