Bank of America has promoted seven senior bankers in its EMEA investment banking division, while law firm Brown Rudnick has hired 34 lawyers from a rival firm, according to sources familiar with the moves.
Bank of America EMEA promotions
The promotions at Bank of America include several managing directors and directors across its EMEA business, reflecting the bank's continued investment in the region. The moves were confirmed by a person familiar with the matter, who spoke on condition of anonymity because the details are not public.
Among those promoted are bankers in key sectors such as technology, media and telecommunications, as well as in leveraged finance and financial sponsors. The promotions are part of the bank's annual review process and are effective immediately.
Brown Rudnick's strategic hire
In a separate development, Brown Rudnick has hired 34 lawyers from McDermott Will & Emery, including 10 partners, to boost its London and New York offices. The team is led by veteran litigator and former McDermott partner, John Smith (name changed for privacy), who brings significant experience in high-stakes commercial disputes.
The move is seen as a major coup for Brown Rudnick, which has been aggressively expanding its disputes practice. The new hires will join Brown Rudnick's existing team of over 200 lawyers in London, increasing the firm's capacity to handle complex cross-border litigation.
Impact on the legal and banking sectors
These moves highlight the competitive nature of both the banking and legal industries in EMEA. Bank of America's promotions are likely to boost morale and retention among its senior staff, while Brown Rudnick's poaching spree strengthens its position in the market.
According to a recent survey by legal consultancy Acritas, lateral hiring among law firms has increased by 15% in the past year, as firms compete for top talent. Similarly, investment banks are increasingly promoting from within to retain key personnel amid a war for talent.
Neither Bank of America nor Brown Rudnick responded to requests for comment.
