Deals
BofA's Risk Wariness Doesn't Sit Well With Some Executives
- Meissner’s departure linked to struggles in U.S. merger market
- More executives said to weigh leaving as risk appetite shrinks
Photographer: Chris Keane/Bloomberg
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Leadership changes are starting to ripple through Bank of America Corp.’s investment bank as disagreements over risk-taking and a struggle to keep pace with competitors on U.S. merger advisory spur high-level departures.
Christian Meissner this week said he’s stepping down as head of the corporate and investment-banking division he led through the tumultuous years after the financial crisis. The departure was prompted by tensions over the bank’s appetite for risk and its struggle to retain market share advising on U.S. mergers, according to people with direct knowledge of the matter. More executives may follow Meissner’s lead, they said.