Bank of America Corp. (BAC:US), the second-biggest U.S. bank by assets, hired John Binnie from Moelis & Co. as vice chairman of its investment banking team that advises financial companies.
Binnie will be based in New York and report to Bill Egan, head of the financial institutions group, according to an internal memo obtained by Bloomberg News. John Yiannacopoulos, a spokesman for the Charlotte, North Carolina-based lender, confirmed the memo’s contents.
Bank of America is the third-ranked adviser on mergers and acquisitions involving financial companies this year, according to data compiled by Bloomberg. There have been $334.5 billion of such deals announced this year, up from $326.4 billion in the first half of 2012, the data show.
Binnie, who began his career at Salomon Brothers in 1985, has previously served as head of diversified financials group at Morgan Stanley, according to the memo. He was co-head of the bank and diversified financials group at Citigroup Inc. before that, and joined Moelis in 2009.
Binnie advised on reinsurer Transatlantic Holdings Inc.’s sale to Alleghany Corp. (Y:US) for more than $3 billion, which was completed this year, and GLG Partners Inc.’s sale to Man Group Plc, according to the memo.
The New York Times’ Dealbook reported Binnie’s hiring earlier today.
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