Finance

Bank of America names Sheehan sole head of investment banking

Bank of America named Thomas Sheehan as sole head of its investment banking unit in the latest leadership reshuffle at the US bank.

Sheehan, a seven-year veteran of the bank who has co-headed its traditional investment banking unit for two years, has been handed responsibility for the unit as Jack MacDonald steps down.

He was “instrumental in helping Bank of America achieve its best year ever in 2020 in terms of investment banking fees resulting in $7.4bn of revenue, as well as record fees of $2.3bn in the first quarter this year” a memo announcing his appointment by Matthew Koder, its head of corporate and investment banking, seen by Financial News said.

MacDonald is departing Bank of America for boutique investment bank Centerview Partners, Bloomberg reported, alongside two other senior technology dealmakers — Steve Miller and Gary Kirkham. It also first reported Sheehan’s appointment.

READ Bank of America shakes up European leveraged finance team after Bishay departure

Sheehan joined Bank of America in 2014 as co-global head of healthcare investment banking from Morgan Stanley, where he spent nearly two decades. He was named sole head of the unit in 2015, and promoted to co-lead its global investment bank two years ago following the departure of former head Diego De Giorgi.

“Thomas is a well-respected manager and mentor who generously gives of his personal and professional time to advise junior and senior bankers and individually coach deal teams for success,” Koder added.

As Miller and Kirkham step down, Sheehan announced a number of senior appointments within Bank of America’s technology investment banking team in a separate memo.

Sam Powers, a senior dealmaker who joined from UBS in 2018, was named sole head of technology, media and telecoms investment banking. Ron Eliasek was promoted to chair of TMT investment banking, while Johnny Williams and Ric Spencer were named co-heads of technology investment banking.

Bank of America has made a number of changes to its senior ranks this year. In February it named Birger Berendes as co-head of M&A for Europe, the Middle East and Africa alongside Eamon Brabazon. Meanwhile, Ray Wood was promoted to sole head of its global natural resources investment banking team, as former co-head Julian Mylchreest into a role developing relationships with some of its key clients in Europe, the Middle East and Africa.

In March, Murad Khaled was named head of Emea leveraged finance capital markets following the departure of Joe Bishay to Credit Suisse.

To contact the author of this story with feedback or news, email Paul Clarke

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