Amid the bonus cheques and poaching, it’s easy to forget it’s also promotions time of the year at the big Wall Street investment banks.
It is understood one of the biggest Americans, Bank of America, anointed five new managing directors for its Australian team, taking the operatives to the highest employee rank inside the bank.
The five included investment bankers Kate Stone, a former Credit Suisse banker who oversees its consumer, retail and healthcare sector team, and Sam Watson, formerly of National Australia bank who now runs BoA’s transport and infrastructure sector coverage.
Also promoted was fixed income, currencies and commodities sales co-head Stephen Kann – a 10-year BoA veteran – as well as head of corporate banking subsidiaries Australia Jonathan Boyd and corporate banker Edwin Lee.
The promotions were announced internally late last week, sources said.
It comes as BoA and its fellow Wall Street giants Citi, Goldman Sachs, JPMorgan, Morgan Stanley and Jefferies, have all paid 2020 bonuses, while compensation day at Credit Suisse was last week.
UBS is up next – and all eyes are on whether its annual bonus payments, slated for early March, trigger another round of departures.