tapped Drew McDonald to be its new country head for Canada, promoting a long-time corporate banker to succeed its outgoing leader.
Mr. McDonald has been with BofA for close to a decade, and corporate lending is one of the main levers American banks pull to win merger and acquisition advisory roles that pay large fees. Most mega mergers, for instance, need bridge financing in order to execute the transaction, and large American banks have massive balance sheets that can extend the credit.
BofA’s leadership change adds to the management shuffles at multiple foreign investment banks in Canada over the last year. In January, Morgan Stanleyof long-time Canadian investment banking head Dougal Macdonald and named his successor, mining specialist Richard Tory.
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