Bank of America has made a handful of appointments to its investment banking team responsible for advising European companies in the technology, media and telecommunications (TMT) sector, according to an internal memo seen by Reuters.
The memo, confirmed by a Bank of America spokesperson, says the U.S. bank has named veterans Alexandre Gafsi and Emmanuel Hibou as presidents of investment bank TMT in Europe, the Middle East and Africa (EMEA). ) in order to “focus fully on covering some of our key customers”.
It also appointed Thomas Koehrer and James Robertson as co-heads of TMT investment banking for the EMEA region.
Peter Luck, who was co-head of UK investment banking with Robertson, now assumes full UK responsibility.
The changes follow a decline in mergers and acquisitions (M&A) and capital markets activity last year, due to economic uncertainty and high borrowing costs due to rising interest rates. ‘interest.
However, although investor enthusiasm for tech companies has cooled, the TMT sector remained one of the most active in M&A in 2022, accounting for around a quarter of the overall value of tech companies. transactions, according to a study by the consulting firm PwC.
