Investment banking: Yet another new dawn for BoA?
The US firm is committed to breaking into the European debt markets – again
Bank of America is determined to be a player in the European capital markets. That's the message it is currently putting out as it trumpets its latest hire – Scott Lampard, a 13-year JPMorgan stalwart. Lampard was made co-head of international syndicate and head of EMEA frequent borrower origination last month. His other syndicate co-head is Brian Robertson, who joined BoA from Lehman Brothers in 2004.
Head of international high-grade origination JC Perrig says: "Scott has very deep experience, a strong reputation and a proven track record in building businesses." Lampard is indeed a highly regarded operator in his field. But seasoned market watchers took the rest of Perrig's statement with a pinch of salt. "His appointment underscores Bank of America's commitment to build its global capital markets presence and become a significant player in the frequent issuer space," he claims.
But how many false dawns can one bank have? Bank of America has a poor track record of building on previous high-profile hires. Last year the firm reached its nadir when William Cumming, employed as head of securitization from Citigroup, left after one week.
Last month's move resulted in Ian Harjette taking the reins of the European FIG debt capital markets business.