Bank of America Merrill Lynch picks UK banking bosses

Bank of America Merrill Lynch has shaken up the senior leadership of its investment bank in London, hiring a former Morgan Stanley banker to co-head its business for the UK and Ireland.

BAML, like many of its peers, is looking to forge closer ties between its corporate and investment bankers in a bid to cross-sell more products to large corporate clients — using existing lending relationships to land more lucrative investment banking deals.

Matt Cannon, latterly co-head of the financial institutions group at Morgan Stanley, has been named co-head of corporate and investment banking for the UK and Ireland. He is set to join BAML in May.

His co-head will be Richard King, who joined from Royal Bank of Scotland in 2010 and was most recently head of UK, Nordics and Benelux corporate banking and debt capital markets.

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Ian Ferguson, who led BAML’s corporate and investment bank in the UK and Ireland, is now chairman of the business.

In a memo announcing the changes, seen by Financial News, Bob Elfring and Jim O’Neil, co-heads of corporate and investment banking in Europe, the Middle East and Africa, said Ferguson would “support the leadership transition and focus on the continued cultivation of long-term relationships with our key clients across these two countries”.

Bank of America Merrill Lynch ranked fifth in the UK investment banking league tables in 2017, with revenues of $236.9m — or a 5.8% market share — according to Dealogic. In 2016, it ranked sixth, with a 5.2% share of the market.

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The bank was involved in some big ticket deals last year including Hammerson’s $11bn acquisition of Intu Properties in December and Vodafone India’s $14.4bn merger with Idea Cellular.

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Cannon left Morgan Stanley this week as part of broader changes within its European FIG investment banking team. According to people familiar with the situation, he was offered a new role heading up Morgan Stanley’s financial institutions team in Asia, which he initially accepted, but was then approached by BAML.

Cannon spent eight years at Morgan Stanley, latterly as co-head of FIG in Europe alongside Guillaume Gabaix. He is the second senior departure from Morgan Stanley’s FIG team in recent months. Max Mesny, co-head of financial technology and diversified financial services in Emea, joined Credit Suisse as co-head of FIG in September.

Morgan Stanley finished seventh in the Emea financial institutions investment banking league tables last year, up from 10th in 2017, according to Dealogic data. BAML finished ninth in the same category last year, down from 5th in 2016.

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To contact the author of this story with feedback or news, email Paul Clarke