Bank of America Adds Flannery for Leveraged Finance
Bank of America Corp., the nation’s second-largest bank, said David Flannery is joining the company as global head of leveraged finance, starting in November.
Flannery had the same title at Deutsche Bank AG, where he has worked since 1992, according to a statement today from Charlotte, North Carolina-based Bank of America. He will report to Bruce Thompson, head of global capital markets, the bank said.
Chief Executive Officer Kenneth Lewis is expanding the corporate and investment bank, affirming his commitment to the unit after losses last year triggered a management shakeup and 650 job cuts. The unit’s profit grew 3.2 percent in the second quarter and writedowns on securities fell to $645 million from $1.47 billion in the first quarter.
Flannery, a graduate of Villanova University, was named head of high-yield capital markets at Deutsche Bank in 2002, and head of leveraged capital four years later, according to the statement. Last year he became head of leveraged finance and at the beginning of this year, global head of leveraged finance, Bank of America said.
“We’re announcing a new structure shortly,” Deutsche Bank spokesman Scott Helfman said. He declined to comment further.
Flannery’s role at Deutsche Bank, Germany’s biggest bank, expanded last year when leveraged-finance executives Tom Cole and Dan Toscano left to join HSBC Holdings Plc. Deutsche Bank made the most fixed-income revenue of any securities firm in the first half of 2007, before demand for high-yield, high-risk debt waned.
`Core Competency’
Flannery is taking on responsibilities formerly assumed by Thompson, who called leverage finance “a core competency of Bank of America.” The bank ranked first in the depressed U.S. leveraged-loan market during the first half of this year with 131 issues totaling $35.4 billion, according to data compiled by Bloomberg. Deutsche Bank ranked fourth with 22 loans and $15.1 billion in transactions.
During the same period last year, Bank of America was involved in 229 issues totaling $81.6 billion, according to Bloomberg data.
Bank of America also added six people to its foreign- exchange unit, including Glenn Edelson as managing director and head of emerging-markets sales, and Vanessa Holtz-Clouard, principal and head of London options trading. Edelson was head of emerging market sales at Bear Stearns Cos., while Holtz-Clouard was head of London FX options for ABN Amro.
Other additions who are now principals at the bank include Peter Hart, formerly director of corporate sales at ABN Amro Bank; Joel Holmes, former chief foreign-exchange dealer at Lehman Brothers Holdings Inc.; Daniel Sigler, head of local FX trading at Bear Stearns; and Simon Williams, formerly a managing director in FX sales at Bear Stearns.
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