Bank of America (NYSE: BAC) Hires Former JPMorgan Chase (NYSE: JPM) Exec Howard
The game of musical chairs on Wall Street continues to go on. Earlier this week JP Morgan Chase (NYSE: JPM) Announced significant hiring plans across the business, and Citigroup (NYSE: C) followed with large expansion plans of their own. But, as banks continue to reshape and prepare for new business opportunities, there are few with the skill set to lead the business, which often leads to poaching.
The most recent evidence of this comes from Bank of America (NYSE: BAC). Bank of America Merrill Lynch has named Adam Howard to the roles of President and Country Head for Canada. Prior to joining Bank of America Howard was an executive at JP Morgan Chase & Co. (NYSE: JPM). Howard will begin the new role in the summer, based in Toronto, Bank of America Merrill Lynch said today in an e-mailed statement.
Bank of America continues to be plagued by lawsuits stemming from the financial crisis, but since Chief Executive Brian Moynihan has taken the reigns of the firm the bank has begun to stabilize and instill key executives in roles poised for growth. Integrating the old Countrywide and Merrill Lynch divisions into the firm has proven to be a bigger challenge than originally expected, but remains largely on track. Building a strong stable of executives like Howard can go a long way to restoring some of the glory at Bank of America.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.