LONDON/PARIS (Reuters) - Bank of America (BAC.N) has hired Morgan Stanley veteran Bernard Mourad, who recently worked as an adviser to French President Emmanuel Macron, as its new head of corporate and investment banking for France, three sources familiar with the matter told Reuters.
Mourad, who is one of France’s most well-connected bankers and made his name advising French telecoms tycoon Patrick Drahi on a string of deals to build his Altice empire, will start his new post in September, two of the sources said.
His appointment comes amid efforts by Bank of America to win more advisory work in France, where the bank slipped to twelfth in last year’s league tables for domestic merger and acquisition (M&A) fees from fourth in 2016.
The Wall Street bank is betting big on France, where it plans to relocate hundreds of people to its new office in Paris in preparation for Britain’s departure from the European Union.
A first wave of moves from London will begin early next year and will affect roughly 400 jobs in Bank of America’s markets, trading, sales and fixed income teams, sources have told Reuters.
Mourad left Morgan Stanley in January 2015 after 15 years to join Altice, where he became president of its media group, which backs several news outlets such as French newspaper Liberation, and was also named deputy CEO of SFR Media.
But in October 2016 he resigned to become an adviser to Macron during his campaign to become president with his newly-formed party En Marche.
Stephane Courbon currently heads Bank of America’s investment banking for France. It was not immediately clear how Mourad’s appointment would affect his job.
Additional reporting by Maya Nikolaeva; Editing by Mark Potter