BofA hires tech banker from Citi

Bloomberg

Bank of America Corp. (BofA) has hired investment banker Samardh Kumar from Citigroup Inc. to co-head a recently formed group focused on emerging private companies.
Kumar, a managing director, will lead the emerging growth and regional coverage group alongside New York-based banker Brendan Hanley, who was appointed to the role in July, according to an internal company memo. Kumar will join Bank of America in November and be based in San Francisco.
Kumar and Hanley will report to Jack MacDonald and Thomas Sheehan, co-heads of global investment banking.
The bank formed the emerging growth group in July to help bulk up coverage of younger, smaller companies. It is also an effort that taps different parts of the bank, from wealth management to commercial banking and global markets.
Kumar, who had been at Citigroup since 2015, was most recently head of North America internet investment banking and co-head of global software.
Before Citigoup, he worked at Deutsche Bank AG for 13 years focused on areas of technology banking including internet and digital media.
“With 25 years of combined technology operations and investment banking experience, Sam is ideally suited to assume this leadership position in this important area of focus for our firm,” MacDonald and Sheehan said in the memo.
Kumar has worked on transactions for clients including Alibaba Group Holding Ltd., Fitbit Inc., MakeMyTrip Ltd., Medallia Inc., SoftBank Group Corp. and Uber Technologies Inc.
Bank of America has been ramping up hiring of tech investment bankers. Last week, it re-hired Johnny Williams from UBS Group AG. to focus on technology deals. This summer, it also hired Shar Aghili from Credit Suisse Group AG banker and Rick Sherlund from Perella Weinberg Partners LP.
Citigroup has been on a hiring push for tech bankers too, Kevin Cox, co-head of the firm’s banking, capital markets and advisory group in North America, said in an interview this month.