Bank of America promotes 387 employees to managing director: source

Bank of America (BOA) has promoted 387 employees to managing director roles in 2024, 16 per cent more than last year, a source familiar with the matter said on Wednesday (Dec 11).

More than half of those promoted included women and people of colour for the fifth consecutive year, the source said requesting anonymity, without providing the exact figure.

Wall Street, which has long been accused of gender and race-based discrimination, has sought to actively diversify its workforce, particularly in senior positions.

The cohort is bigger than last year’s 334, with dealmakers at the biggest US banks preparing for a year of revival in mergers and acquisitions activity as well as initial public offerings.

Banking sector executives are expecting a lighter regulatory touch under president-elect Donald Trump and lower interest rates to further spur dealmaking in the coming year.

Trump has tapped Federal Trade Commissioner (FTC) Andrew Ferguson to lead the consumer protection and antitrust agency. Ferguson has said he believes the FTC’s Democratic majority and outgoing chair Lina Khan have sometimes led the agency to overstep its authority.

BOA CEO Brian Moynihan told investors in an industry conference on Wednesday that the lender could see a 25 per cent rise in investment banking fees in the fourth quarter compared with a year earlier.

The executive also struck an optimistic tone for the outlook of BOA’s income from lending in 2025 and said consumers in the US continue to remain resilient, easing worries over a potential slowdown.

The promotions at BOA were first reported by Bloomberg News.

In October, the second largest US lender had beaten estimates for quarterly profit, driven by strength in its investment banking and trading businesses.

Shares in BOA have rallied roughly 36 per cent so far this year. A broader index tracking large-cap banks has gained almost 39 per cent, outperforming benchmark equity markets. REUTERS