Financial institution of America promotes 387 workers to managing director, supply says

(Reuters) – Financial institution of America has promoted 387 workers to managing director roles in 2024, 16% greater than final 12 months, an individual aware of the matter informed Reuters on Wednesday.

Greater than half of these promoted included ladies and other people of coloration for the fifth consecutive 12 months, the supply stated requesting anonymity, with out offering the precise determine.

Wall Avenue, which has lengthy been accused of gender and race-based discrimination, has sought to actively diversify its workforce, significantly in senior positions.

The cohort is larger than final 12 months’s 334, with dealmakers on the greatest U.S. banks getting ready for a 12 months of revival in mergers and acquisitions exercise in addition to preliminary public choices.

Banking sector executives predict a lighter regulatory contact underneath President-elect Donald Trump and decrease rates of interest to additional spur dealmaking within the coming 12 months.

Trump has tapped Federal Commerce Commissioner Andrew Ferguson to guide the patron safety and antitrust company. Ferguson has stated he believes the FTC’s Democratic majority and outgoing Chair Lina Khan have typically led the company to overstep its authority.

BofA CEO Brian Moynihan informed traders in an trade convention on Wednesday that the lender might see a 25% rise in funding banking charges within the fourth quarter in contrast with a 12 months earlier.

The manager additionally struck an optimistic tone for the outlook of BofA’s earnings from lending in 2025 and stated customers within the U.S. proceed to stay resilient, easing worries over a possible slowdown.

The promotions at BofA have been first reported by Bloomberg Information.

In October, the second largest U.S. lender had overwhelmed estimates for quarterly revenue, pushed by energy in its funding banking and buying and selling companies.

Shares in BofA have rallied roughly 36% up to now this 12 months. A broader index monitoring large-cap banks has gained virtually 39%, outperforming benchmark fairness markets.