BofA Reportedly Loses Top Telecom Banker
Young joined Merrill Lynch in 2007 from Lehman Brothers.
April 3, 2009
George “Woody” Young, a top telecommunications investment banker at Bank of America, has resigned from the firm, according to a report in the Wall Street Journal. Young joined Merrill Lynch in 2007, and became part of Bank of America following the merger of the two firms.
Young oversaw Merrill's global technology, media and telecommunications group. Prior to that, he led the global communications group at the former Lehman Brothers.
"Bank of America has historically had difficulty integrating its non-commercial bank acquisitions. Montgomery Securities and U.S. Trust are two examples. Furthermore, it has never established its own investment-banking culture," says Richard Lipstein, managing director at Boyden Global Executive Search. Lipstein couldn't comment specifically on the report of Young's departure, and calls to BofA were not immediately returned.
Lipstein says Young could emerge at a boutique investment bank, a common occurence of late as Wall Street braces for lower salaries and tighter regulation. "It would not surprise me if he reaches back to his Lehman relationships because he was there for 13 years," he says.
Young's departure would mark the latest in a slew of resignations at the newly combined firm.
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