Bank of America promotes 387 employees to managing director, source says
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Bank of America has promoted 387 employees to managing director roles in 2024, a 16% increase from last year. Over half of the promotions went to women and people of color, continuing the bank's diversity efforts. The promotions come as the banking sector anticipates a revival in mergers and acquisitions, aided by a lighter regulatory environment and lower interest rates. CEO Brian Moynihan expressed optimism about a 25% rise in investment banking fees in Q4 and a positive outlook for lending income in 2025. BofA shares have risen approximately 36% this year.
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