January 16, 2019 / 11:03 PM / 6 months ago

MOVES-Bank of America's investment banking head De Giorgi to depart -memo

NEW YORK, Jan 16 (Reuters) - Bank of America Corp's head of global investment banking Diego De Giorgi is leaving the company, according to an internal memo on Wednesday, in the first major personnel move under new investment banking chief Matthew Koder. A spokesman for the bank confirmed the memo was accurate. De Giorgi could not be reached for comment.

De Giorgi, who leaves next month, will be replaced by two investment bankers, Jack MacDonald and Thomas Sheehan, who will be named co-heads of global investment banking.

The departure comes a few months after Koder, who had been based in Asia, took over as global corporate and investment banking head. Koder replaced Christian Meissner who left the bank at the end of the year.

Last year was a turbulent one for the investment bank marked by a 26 percent decline in advisory fees and a number of managing director departures.

On a call with analysts Wednesday Chief Executive Brian Moynihan said the bank was adding resources to regain share on middle market U.S. deals and deepening coverage in its industry groups.

Koder gave a presentation in October that showed the investment bank underperforming across sectors and said it was imperative the unit change its culture.

"Jack and Thomas possess the ideal mix of relationship management and leadership skills to continue to drive our business forward and deliver growth," Koder said in the memo.

MacDonald is a longtime technology and M&A banker who became chairman of Global M&A last year and will remain based in Palo Alto, California. Sheehan joined the bank in 2014 from Morgan Stanley and has been head of global healthcare investment since 2015 and will stay in New York. (Reporting by Liana B. Baker and Greg Roumelitois in New York; additional reporting by Imani Moise in New York Editing by Tom Brown)

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