BofA appoints 360 managing directors, with focus on diversity

Bloomberg

Bank of America Corp (BofA) named 360 managing directors, with more than half of the promotions awarded to women or people of colour.
The appointments mark the third consecutive year that underrepresented groups made up the majority of the class, one of the people said, asking not to be identified discussing personnel matters. The executives were notified in recent days, according to the people.
The company elevated 87 executives to the managing director level in its global corporate and investment-banking unit, according to an updated tally provided by the people. That business includes global capital markets, investment banking, corporate banking and transaction services.
Bank of America also named 93 new managing directors to its global markets business, the people said.
Like its Wall Street competitors, Bank of America has been striving to improve diversity across the company and in its senior positions. The big banks have pledged to promote more women and minorities, a push that’s intensifying as competition for top talent heats up across the industry.
The Charlotte, North Carolina-based bank also rewarded the majority of its employees with a pool of restricted stock, Bloomberg News reported earlier this week. The incentive, which comes on top of regular compensation, goes to staff who earn as much as $500,000 in total annual pay.
“The selection process is highly competitive and I’m delighted that each of them has reached this prestigious career milestone,” Matthew Koder, president of global corporate and investment banking, wrote in a memo seen by Bloomberg.