Bloomberg News

BofA Promotes Baldock to European Financials Chairman

October 11, 2012

Bank of America Corp. (BAC:US), the nation’s second-largest lender, promoted Henrietta Baldock to chairman of European financial institutions investment banking as it rearranges the senior team at the division.

Baldock, 41, will continue to be based in London, according to a memo from Bill Egan, head of global financial institutions corporate and investment banking, and Bob Elfring, co-head of European corporate and investment banking. She will report to Elfring, according to the memo to employees, which was confirmed by Victoria Garrod, a spokeswoman in London.

“We are looking to significantly build our market share in this sector,” Egan and Elfring said in the memo. Baldock, the firm’s most senior female investment banker in the region, will focus on the “most important clients,” the pair said.

Bank of America has been overhauling its investment banking team in Europe following the exits of Andrea Orcel as chairman of global banking and markets and Jonathan Moulds, the firm’s president of Europe. It hired Alex Wilmot-Sitwell from UBS AG in April to be president of its European division and Diego De Giorgi, chief operating officer of Goldman Sachs Group Inc.’s investment banking division, as joint head of global corporate and investment banking for Europe.

New Position

Bank of America this week promoted Rupert Hume-Kendall to the newly created position of chairman of global corporate and investment banking for Europe, the Middle East and Africa.

The firm today also appointed Michael Frieser, 42, and Marc Tempelman, 41, as co-heads of financial institutions corporate and investment banking for Europe, replacing Baldock in the position.

Baldock, who joined Merrill Lynch in 2000, holds a degree in economics and accounting from the University of Bristol. Her clients have included the Irish government and Lloyds Banking Group Plc (LLOY), according to the bank. She also helped advise a Royal Bank of Scotland Group Plc-led consortium on its purchase of Dutch lender ABN Amro Holding NV in 2007.

To contact the reporter on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Jon Menon at jmenon1@bloomberg.net


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