A.J. Murphy Rejoins BofA One Year After Leaving for Goldman

Bank of America Corp. rehired A.J. Murphy for its leveraged-finance business one year after she left to join Goldman Sachs Group Inc. as a partner.

Murphy will rejoin the Charlotte, North Carolina-based bank as co-head of global leveraged finance, the same title she had when she departed, according to a memo obtained by Bloomberg News. Christina Minnis will replace Murphy as Goldman Sachs’s co-head of leveraged finance in the Americas, a position Murphy was promoted to three weeks ago, according to a separate memo.

Murphy’s move to Goldman last year became notable because Bank of America denied her the paid gardening leave of three to six months that employers typically provide to keep bankers from working for a rival on active deals, according to a column William D. Cohan wrote in March for Bloomberg View. Goldman Sachs will provide her with standard paid gardening leave for this move, according to a person briefed on the matter, who asked not to be identified discussing a personnel matter.

Speculative-grade companies sold a record $355.4 billion of bonds last year and $522.3 billion of leveraged loans to institutional investors, according to data compiled by Bloomberg. Bank of America generated $3.58 billion from debt underwriting last year, while Goldman Sachs produced $2.24 billion.

Murphy will run leveraged finance at Bank of America with Robert Schleusner, according to the memo, the contents of which were confirmed by Zia Ahmed, a spokesman for the lender. She first joined Bank of America in 2009, after stints at JPMorgan Chase & Co. and Deutsche Bank AG.

Murphy was one of only five bankers New York-based Goldman Sachs has hired as a partner, its highest rank, in the past two years. Minnis, who was named a partner in 2008 after a decade at the firm, will run the Americas leveraged-finance business with Craig Packer, according to the memo. David Wells, a Goldman Sachs spokesman, confirmed the memo’s contents.

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