Deals
BofA Taps Brakes on Risk, Spurring Banker Departures
- Firm hurt by crisis-era losses takes deep look after Steinhoff
- Some bankers privately grumble they’re missing out on deals
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The message came from one of Bank of America Corp.’s most powerful board members across large video screens: “We’re not going to do anything crazy to the customer -- and we’re not going to do anything crazy for the customer.”
The declaration by Frank Bramble Sr. kicked off the firm’s shareholder meeting in April. It wasn’t just for public consumption: Inside the investment bank, risk-taking is being tamped down this year, according to senior executives and dealmakers. The firm has become more selective when asked to advise potentially thorny deals, and it’s easing off certain overseas markets, they said. Some are grumbling, worried they’re missing chances to profit.