LONDON, Oct 9 (Reuters) - Bank of America Merrill Lynch
named a long-standing capital markets specialist, RupertHume-Kendall, as chairman of its corporate and investmentbanking business in Europe, after a revamp of the division'smanagement.
Hume-Kendall, who in his 15 years at BofA ML has focusedprimarily on equity capital markets, the part of the investmentbank which runs share sales including stock market listings,will be responsible for covering big clients in the region, aninternal memo seen by Reuters showed.
He will also oversee the development of "essential newsenior relationships" across Europe, the Middle East and Africa(EMEA), the memo said.
Bank of America's investment bank has been hit by departuresand undergone a series of reshuffles this year, as it tries -like its rivals - to face up to tough markets that are dentingtrading revenue and hurting the flow of deals.
In January the bank promoted relative newcomer ChristianMeissner to run corporate and investment banking globally. Thedivision is in charge of overseeing advisory activity on mergerand acquisition deals and stock and debt underwriting.
It later hired Goldman Sachs banker Diego De Giorgito run that division in the EMEA region alongside Bob Elfring.
BofA ML also has a new president of Europe and emergingmarkets (excluding Asia), Alex Wilmot-Sitwell, formerly of UBS.
But star banker Andrea Orcel left BofA ML for UBS in March,while other senior executives in the United States have alsojumped ship.
Many investment banks are trying to sharpen their clientfocus, making sure they are giving the most attention to thosethat will yield the biggest fees.
BofA ML ranked second by global investment banking fees inthe first nine months of 2012, behind JPMorgan ,according to Thomson Reuters data. In EMEA, it dropped two ranksto ninth place compared with 2011, the fee data showed.
(Reporting by Sarah White; Editing by Helen Massy-Beresford)
Keywords: BANK OF AMERICA/INVESTMENT BANKING