Bank of America's co-head of investment banking Mike Joo to leave firm, memo says

Bank of America's co-head of investment banking, Mike Joo, is leaving the firm for an external opportunity, according to an internal memo seen by Reuters, in one of the most high-profile departures at the second-biggest U.S. bank in recent months.

BofA, which is fourth in Dealogic's global investment banking rankings based on revenue, has made several hires in recent months to boost its dealmaking business, but the bank has also lost some senior executives.

The departures included its global head of activism & raid defense, its vice chairman of consumer and retail investment banking and its vice chairman of technology and global head of software.

"Senior banker poaching is typically higher during periods when deal pipelines are active, so elevated levels of high-profile departures are not particularly surprising nor are current levels a cause for concern," said Austin Taggart, banking analyst at Morningstar.

"Given Joo's impressive career spanning a wide mix of geographies, sectors, and asset classes, we believe he was a particularly sought-after talent," he said.