Bank of America Executives Addressed Talent Turnover
Leadership held a meeting in New York to reassure staff after several high-profile departures of senior investment bankers.
Updated on Oct. 13, 2026 in Business Strategy
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Bank of America executives held an internal meeting with over 50 employees in Midtown Manhattan on August 10, 2026, to address concerns regarding the recent exit of senior dealmakers. The firm is working to manage staff morale while navigating shifts in its competitive standing.
Why it matters
The meeting aimed to counter internal perceptions that the bank is losing ground to rivals as senior departures continue to impact team stability. Leadership is focusing on retaining dealmakers and maintaining performance momentum after a period of intense industry personnel movement.
The bank hired 40 new managing directors in 2026, while its global investment banking fee rank shifted to fourth place from a previous three-year hold on the third-place spot. Meanwhile, investment banking fees reached their second-highest level ever in the first half of 2026.
The players
Bank of America
A multinational financial services institution and one of the largest investment banks globally.
JPMorgan Chase
A leading global financial services firm that competes directly with Bank of America for investment banking market share.
Mike Joo
The former co-head of global investment banking who departed the firm in August 2026.
Amy Lissauer
A senior banker who resigned from Bank of America in August 2026.
Kevin Brunner
A veteran technology dealmaker who left the bank in late 2025 after a 25-year tenure.
The details
Executives addressed staff through both an in-person meeting and an internal memo to provide clarity on the bank's strategy. To stabilize its workforce, the institution currently utilizes a bonus structure that increases deferred compensation for dealmakers. These efforts follow the high-profile exits of senior staff, including Mike Joo and Amy Lissauer, as the firm attempts to balance recruitment with retention.
Timeline
2022-2024: Bank of America held third place in global league tables.
Late 2025: Kevin Brunner departed the bank after 25 years.
First half 2026: The bank posted its second-highest investment banking fees ever.
August 5-11, 2026: Three senior bankers departed the firm.
August 10, 2026: Bank executives held a staff meeting in Midtown Manhattan.
Market Landscape
The firm's recent drop from third to fourth place on the Dealogic global league table serves as a primary benchmark for its internal assessment of competitive health. This shift highlights the pressure on major institutions to maintain leadership ranks during cycles of heavy talent turnover.
Operators should monitor how peer firms adjust compensation structures to combat key-person risk during periods of high sector mobility. Evaluating the long-term cost of replacing institutional knowledge versus the expense of current retention programs remains a priority for maintaining competitive stability.
The takeaway
Maintaining operational stability during a surge in senior-level departures requires clear communication of the firm's long-term competitive strategy to remaining staff. Keep a close watch on your own company's key-person risk metrics and the specific deferred compensation benchmarks used by your primary industry competitors.
Further reading
For more on managing organizational transitions, visit Business Strategy.
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