JPMorgan Chase has recruited a senior banker from Bank of America to run its North America business services investment banking effort, according to an internal memo reviewed by Reuters. The appointment of Brian Henderson is the latest senior hire the firm has made from its Wall Street rival as banks increase poaching of experienced coverage bankers in step with a rebound in dealmaking.
Henderson, who brings in excess of two decades of investment banking experience, will lead North America business services investment banking at JPMorgan and report to John Richert, the firm's global head of business services investment banking, the memo said. His background includes work in waste and environmental services, utility and infrastructure services, and equipment rental. He most recently served as a managing director covering business services within Bank of America’s global industrials group.
The memo characterized Henderson’s move as part of a broader effort by JPMorgan to bolster its business services franchise amid renewed deal activity. Business services encompasses a wide range of activities - from outsourced services to industrial services and technology-enabled operations - and has grown more contested among investment banks as private equity and corporate buyers increase transactions after a period of slowdown.
Competition for senior bankers has remained intense across the industry. JPMorgan’s hiring of Henderson follows a series of targeted senior appointments it has made from Bank of America in recent months. Those moves include the recruitment of Roy Wouters, who joined from Bank of America as co-head of EMEA health-care investment banking alongside Juha Anjala; Kevin Brunner, hired as global chair of investment banking and M&A; Mark Garcia, who moved in as vice chair and global head of semiconductors; and other recent additions from Bank of America to JPMorgan’s ranks.
Bank of America has not been standing still in the talent market. The memo and reporting note that the bank has also been hiring from competitors, including bringing over a JPMorgan banker, Patrik Czornik, as co-head of EMEA technology, media and telecommunications investment banking. Other moves into Bank of America in the past year include Satish Arcot, who became a managing director leading equity capital markets in India and the broader Asia-Pacific region; Gary Weiss, who moved to Bank of America’s EMEA M&A team in London; and David Gill, who joined its regional investment banking group in the Americas.
Earlier this month, Bank of America announced three additional senior technology hires. Those included Gary Kirkham from Centerview Partners, who took on the role of executive vice chair; and Jason Rowe from Goldman Sachs, who became the bank’s global co-head of technology investment banking, according to the reporting.
A JPMorgan spokesperson confirmed the contents of the internal memo. Bank of America declined to comment.
Henderson’s move underscores continued jockeying for coverage talent in sectors where deal pipelines have strengthened. The business services vertical, which covers both traditional outsourced and operational services as well as technology-enabled offerings, has drawn attention from private equity and strategic buyers that are returning to the market after a prolonged slowdown. JPMorgan’s appointment of a seasoned sector specialist is presented in the memo as part of a deliberate push to expand presence and capabilities in that area.
Alongside reporting on the hire, the article included an investor-oriented note about Bank of America stock: a ProPicks AI tool evaluates BAC alongside thousands of companies using more than 100 financial metrics. The promotional note highlighted that the AI identifies stocks based on fundamentals, momentum, and valuation, pointing to past winners it identified such as Super Micro Computer (+185%) and AppLovin (+157%).
The hiring activity offers a snapshot of how major banks are reshuffling senior coverage roles as dealmaking recovers and competition for experienced bankers intensifies. JPMorgan’s hire of Henderson is positioned internally as a capability play for business services, while the broader movement of senior bankers between top firms indicates active talent competition across investment banking franchises.