By Pamela Barbaglia
LONDON (Reuters) - Veteran banker Jean-Eudes Renier is taking on a new role as chairman of Bank of America's (N:BAC) global industrials investment banking unit as a part of a leadership reshuffle aimed at bolstering the bank's client coverage.
Renier, who has been co-heading global industrials investment banking out of London for more than a decade, will drop management responsibilities to focus entirely on building relationships with key clients, according to an internal memo seen by Reuters.
He will report into Jim O'Neil, who runs the Wall Street bank's corporate and investment banking business in Europe, the Middle East and Africa (EMEA).
Greg Kelly, who used to run the team with Renier, will become sole head of global industrials investment banking and will remain based in New York, reporting into the bank's co-heads of global investment banking, Jack MacDonald and Thomas Sheehan.
As part of the new structure, Justin Anstee will become head of industrials for EMEA, while Diego Fortunati will take the helm of EMEA industrials M&A, according to a second memo.
This memo - which was sent by Greg Kelly and Matt Cannon, who runs EMEA investment banking - said Anstee would focus on covering clients in the region, while Fortunati would battle to win advisory mandates and execute on deals in the highly competitive M&A market.
The pair will have different managers, with Anstee reporting into Kelly and Cannon, while Fortunati will continue working for his current bosses, Luca Ferrari (NYSE:RACE) and Eamon Brabazon, who co-head M&A in EMEA, the memo said.
Ian Ferguson, who chairs UK and Ireland corporate and investment banking, will expand his remit to work closely with the various product and regional teams to ensure the bank keeps growing its advisory business across EMEA.