Discover your dream Career
For Recruiters
Guess which bankers performed best last year.

BofA's bankers were the kings of 2022

Bank of America’s IB team best survived the misery of 2022. 

Figures from Dealogic show that investment banking revenues at BofA fell by less than at rivals last year. Overall, Bank of America's investment banking revenues were down by only 45% into 2022, compared to a 57% fall at the worst performer - Credit Suisse.

Dealogic data confirms that most major banks lost around half of their investment banking revenues last year compared to the glory days of 2021. 

While debt capital markets and equity capital markets revenues were universally abysmal compared to 2022, the decline in M&A revenues varied more widely.

BofA had the second strongest M&A performance relative to 2021 across major banks, beaten only by Goldman Sachs. At both banks, Dealogic says M&A revenues declined by only 12%. Aside from Credit Suisse, the largest falls in M&A revenue came from JPMorgan and Citi, which both registered more precipitous 30% declines.

BofA's comparative strength might explain why the bank is being cautious when approaching job cuts. As opposed to the wholesale removals at Goldman Sachs and Credit Suisse, BofA CEO Brian Moynihan has frozen job openings and allowed the naturally high attrition of front office jobs to reduce the company’s headcount.

Not everyone should be celebrating in North Carolina should be celebrating, though. BofA hasn’t announced its 4Q2022 results yet, but its third quarter will have inclined its traders to expect higher bonuses this year. Even if they don't lose their jobs, BofA's investment bankers may find they don't get paid. 

Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for jobs in finance and technology.

Have a confidential story, tip, or comment you’d like to share? Contact: Zeno.Toulon@efinancialcareers.com in the first instance.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORZeno Toulon

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Capstone Investment Advisors (UK) LLP
2023 Investment Graduate Rotation Program
Capstone Investment Advisors (UK) LLP
London, United Kingdom
Pearse Partners
Hedge Fund Equity L/S Analyst
Pearse Partners
London, United Kingdom
Python Quantitative Developer
New York, United States
ParagonAlpha
Quantitative Macro Analyst
ParagonAlpha
London, United Kingdom
Metis Search
Private Funds Group Analyst
Metis Search
London, United Kingdom