BofA said hiring new team of investment bankers

Bank of America

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.

Reuters reports that the precise number of middle-market bankers it plans to add could not be determined, but one person said it would be fewer than 10.

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.

To access the complete Reuters article hit the link below:

Bank of America hiring bankers for new middle-market push - sources

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