Investment banking: BAML shuffles pack for international business
Meissner hired to revive European investment banking; Roles change for Orcel, Moulds and Quigley
Bank of America Merrill Lynch has its senior global management team in place but there’s no sign of any slowdown in the number of changes in its international investment bank.
Most appointments within BAML over the past few months have involved reassigning roles for existing executives. That changed in April when the firm hired Christian Meissner, formerly deputy global head of investment banking at Nomura, to run investment banking for EMEA. Meissner’s hire has in turn led to a further shift of titles and responsibilities for senior executives including Andrea Orcel, Jim Quigley and Jonathan Moulds.
Meissner, reportedly hired in by Tom Montag, president of global banking and markets, will take up his new role in June and will report to Michael Rubinoff and Purna Saggurti, co-heads of global investment banking in New York. Like Montag, Meissner is a Goldman Sachs alumnus.
One source says that Meissner’s hire was something of a surprise to Orcel, the former Merrill Lynch’s top dealmaker in Europe. Orcel took on the title of executive chairman of global banking and markets only last December, taking charge of coverage and strategy for clients globally.
Orcel has now been given a second title of president of emerging markets ex-Asia; Asia continues to be run by Brian Brille, BofA’s former head of investment banking.