Bank of America is hiring a new team of investment bankers who cater to midsized companies, four years after dismantling a similar business, three people familiar with the matter told Reuters.
The hiring comes as Bank of America is reducing staff more broadly, while also trying to grow in areas where it believes it can gain market share. As a lender with a large commercial banking business, executives believe Bank of America can make inroads in advising midsized companies on mergers and stock and bond offerings, the sources said. Bank of America defines middle-market as companies with $50m to $2bn in revenue.
The bank also hopes the push will lead to additional business such as managing money for executives at midsized companies.
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