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Bank of America's top M&A banker in Europe resigns
Editor
Published Nov 16, 2023 10:23AM ET
© Reuters.
LONDON - Edward Joudrey, a leading mergers and acquisitions (M&A) banker in Europe and Bank of America's (BofA) head of sell-side M&A for the EMEA region, has resigned from his position. The departure comes after a noticeable 13% decline in global M&A revenues for BofA during the first nine months of 2023 and a slip in the EMEA rankings from fourth to seventh place.
Despite the downturn, BofA has managed to maintain its standing globally and within the EMEA region. As of November 9th, the bank held third place in all investment banking revenues worldwide with a market share of 6.1%, which is an increase from the previous year. In the EMEA region, it also ranked third with a 5% market share, marking a slight rise from last year.
In the third quarter of 2023, BofA reported combined investment banking revenues of $743 million. While this represents a drop from historical quarterly revenue levels ranging between $1.3 billion and $1.5 billion, CFO Alastair Borthwick expressed confidence in the bank's ability to quickly return to these figures, although he did not specify when this might occur.
The decision by Joudrey to step down has not been publicly explained by Bank of America, which has chosen not to comment on his resignation. However, speculation is rife that Joudrey may be moving to a small family office. This move is interpreted by some as indicative of his skepticism regarding a near-term recovery in M&A activity, especially when considering Deutsche Bank's more severe 46% revenue decline in the same sector.
Joudrey's exit raises questions about the future outlook of M&A revenues for the next year, particularly against the backdrop of Deutsche Bank's significant losses. The industry will be closely watching for signs of whether BofA's optimism for a rebound is well-founded or if Joudrey's departure signals deeper concerns within the M&A landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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