BofA Asia Pacific M&A Head Stephen Gore Said Preparing to LeaveBy and
Gore leaving U.S. firm after nearly five years in position
Morgan Stanley dealmaker Schwille to join BofA in senior role
Bank of America Corp.’s Asia Pacific mergers and acquisitions head Stephen Gore is preparing to depart, while Morgan Stanley dealmaker Mark Schwille is set to join the U.S. firm, people familiar with the matter said.
Gore, who currently remains at the bank, is leaving after nearly five years in his role, the people said. Schwille, a managing director on Morgan Stanley’s mergers and acquisitions team in Hong Kong, will join Bank of America in a senior role in the region, according to the people, who asked not to be identified because the information is private.
Schwille spent a total of 18 years in two stints with Morgan Stanley. He first joined the bank in 1997 and was made a managing director in 2012. Schwille is also a member of the Takeovers and Mergers Panel of Hong Kong’s securities regulator.
His exit from Morgan Stanley follows this year’s departure of Richard Wong, the co-head of Asia Pacific M&A, and Peter Chang, head of the investment bank’s transaction development group in the Asia Pacific region excluding Japan. A spokesman for Morgan Stanley confirmed Schwille will be leaving, while a representative for Bank of America declined to comment.
Many global banks are struggling to retain senior bankers in an environment of tighter regulations and shrinking fees. Overall investment banking revenue in the Asia-Pacific region fell 8 percent in 2016 to the lowest in at least five years, according to data from research firm Coalition. Mergers advisory revenue dropped 4 percent, the figures show.
Gore was previously head of Asia mergers and acquisitions at UBS Group AG, where he spent 19 years, according to his LinkedIn profile.