BoA Merrill to rejig European finance team

BANK of America Merrill Lynch yesterday unveiled changes in its team covering Europe’s financial firms, following similar announcements from two other banks ahead of an expected increase in equity raisings and deals.

Bank of America Merrill Lynch hired four financial institutions group (FIG) bankers and said it was rejigging its Europe, Middle East and Africa coverage model to match arrangements in the United States and Asia.

New capital rules agreed by regulators on Sunday are expected to prompt banks in Europe to raise billions of euros in equity, or encourage stronger banks to seek acquisitions, analysts have said.

That could increase the fight for FIG business, and earlier yesterday US investment bank Keefe, Bruyette & Woods (KBW) said it had hired six FIG bankers in London, while France’s BNP Paribas announced a shake-up of its operation.

Bank of America Merrill Lynch said Mike Coppock, formerly of HSBC, and Richard Saden, formerly of Natixis, would join as managing directors this month alongside ex-Citigroup banker Georg Musil. Gareth Braithwaite is due to join as a managing director in October from RBS.