Bank of America has made several 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 US bank has appointed veterans Alexandre Gafsi and Emmanuel Hibou as presidents of investment bank TMT in Europe, the Middle East and Africa (EMEA) to “focus entirely on covering some of our main clients.
He also appointed Thomas Koehrer and James Robertson as co-heads of TMT’s investment banking for the EMEA region.
Peter Luck, who was co-head of UK investment banking with Robertson, now has full responsibility for the UK.
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.
However, while investor enthusiasm for tech companies has cooled, the TMT sector remained one of the most active in M&A in 2022, accounting for about a quarter of the total value of tech transactions, according to a report. PwC consultancy study.
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