Bank of America Closing Gap With JPMorgan in Asia Deals Race
- APAC investment banking contribution doubles in three years
- Hires six managing directors to boost investment banking team
Photographer: Jeenah Moon/Bloomberg
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Bank of America Corp. is catching up to its biggest rival, JPMorgan Chase & Co., in investment banking in Asia-Pacific as a three-year rebuild of the business with a focus on winning big deals starts paying off.
The Charlotte, North Carolina-based bank has closed a “significant gap” to the third-ranked JPMorgan in fees generated in Asia Pacific, placing right behind it, Peter Guenthardt, the firm’s co-head of investment banking in the region, said in an interview. “We’re pretty much neck-and-neck,” he said, declining to give specific details.