March 23 (Reuters) - JPMorgan Chase (JPM.N), opens new tab has hired a senior investment banker from Bank of America (BAC.N), opens new tab to lead its North America business services investment banking team, the latest in a string of senior recruits it has made from its Wall Street rival.
Hiring from rivals has accelerated as dealmaking rebounds, prompting banks to step up competition for experienced coverage bankers.
Brian Henderson is joining JPMorgan to head North America business services investment banking, according to an internal memo seen by Reuters. He brings more than two decades of experience, particularly in waste and environmental services, utility and infrastructure services, and equipment rental.
Henderson most recently led Bank of America’s business services coverage as a managing director within its global industrials group. He will report to John Richert, JPMorgan’s global head of business services investment banking, the memo said.
Henderson’s hire is part of a broader effort by JPMorgan to expand its business services franchise amid a rebound in deal activity, the memo said.
Business services — a broad category that includes outsourced services, industrial services and technology‑enabled operations — has become an increasingly competitive area for investment banks as private equity firms and corporate buyers step up dealmaking after a prolonged slowdown.
COMPETITION
The move follows a series of targeted hires JPMorgan has made from Bank of America recently, including Roy Wouters, who joined from Bank of America as co‑head of EMEA health‑care investment banking alongside Juha Anjala.
Other JPMorgan hires from Bank of America in the past year include Kevin Brunner, whom it hired as global chair of investment banking and M&A; Mark Garcia, who joined as vice chair and global head of semiconductors; and Roy Wouters, who was brought on as co‑head of healthcare investment banking for Europe, the Middle East and Africa.
Bank of America has also been hiring from rivals, including bringing over JPMorgan banker Patrik Czornik as co‑head of EMEA technology, media and telecommunications investment banking.
Bank of America hires from JPMorgan in the past year include Satish Arcot, who joined as a managing director to lead equity capital markets in India and the broader Asia‑Pacific region, and Gary Weiss, who moved to Bank of America’s EMEA M&A team in London.
The bank also recruited David Gill into its regional investment banking group in the Americas.
Earlier this month, Bank of America announced it hired another three senior technology bankers. Those include Gary Kirkham from Centerview Partners to become its executive vice chair; and Jason Rowe, from Goldman Sachs, to become Bank of America's global co-head of technology investment banking.
A JPMorgan spokesperson confirmed the memo’s contents. Bank of America declined to comment.
Reporting by Sabrina Valle in New York Editing by Nick Zieminski
