(Bloomberg) -- Bank of America Corp. promoted 334 of its employees to managing director, 8% fewer than last year’s total, according to people with knowledge of the matter.
More than half of those elevated to the senior role were women or people of color, marking the fourth consecutive year that historically underrepresented groups made up the majority of the class, one of the people said, asking not to be identified discussing personnel matters.
Like its Wall Street competitors, Bank of America has been striving to improve diversity across the company and in its senior positions. The big banks have pledged to promote more women and minorities, a push that’s intensifying as competition for top talent heats up across the industry.
A Bank of America representative declined to comment.
The Charlotte, North Carolina-based company elevated 75 executives to the managing director level in its global corporate and investment-banking unit, according to a tally provided by the people. That business includes global capital markets, investment banking, corporate banking and transaction services.
Bank of America also named 64 new managing directors to its global markets business, the people said. Two of the 64 will be announced Tuesday. Revenue at that division, led by Jim DeMare, is on track to be up in the low single digits, which would be a record for a fourth quarter, Chief Executive Officer Brian Moynihan said at an industry conference last week. Investment banking is also tracking better than peers, with an estimated $1 billion in fees for the final three months of the year.
Here are the firm’s new managing directors:
Earlier this month, Citigroup Inc. promoted 304 of its employees to managing director, with the markets division snagging the biggest share of promotions soon after the bank’s rates and currencies traders posted their best third quarter in a decade.
Read More: Citi Names 304 Managing Directors as Traders Snag Biggest Share
(Updates with lists of new managing directors.)
©2023 Bloomberg L.P.