(Reuters) – Financial institution of America has promoted 387 workers to managing director roles in 2024, 16% greater than final 12 months, an individual acquainted with the matter advised Reuters on Wednesday.
Greater than half of these promoted included ladies and other people of shade for the fifth consecutive 12 months, the supply mentioned requesting anonymity, with out offering the precise determine.
Wall Road, which has lengthy been accused of gender and race-based discrimination, has sought to actively diversify its workforce, notably in senior positions.
The cohort is greater than final 12 months’s 334, with dealmakers on the largest 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 expect a lighter regulatory contact beneath 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 mentioned 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 advised traders in an business 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 chief additionally struck an optimistic tone for the outlook of BofA’s earnings from lending in 2025 and mentioned 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% thus far this 12 months. A broader index monitoring large-cap banks has gained nearly 39%, outperforming benchmark fairness markets.
