These are the people being promoted at big banks now
With most banks implementing lay offs in the first quarter, it's easy to assume that most careers are in stasis currently. However, while heads are indeed rolling, banks are still promoting people amidst the turmoil. These are some notable people who have moved up the ranks in big banks in the U.S this year.
1. Matt Lytle, J.P. Morgan
New role: Executive director in the technology investment banking group at J.P. Morgan, where he focuses on Internet and digital media clients.
What's he doing?: Helping clients navigate through exciting and rapid technology changes through a combination of ideas, advice, access and capital.
Where?: San Francisco
Previously: Vice president in the securities division at Goldman Sachs, with lead coverage responsibility for asset managers and a focus on executing IPOs and other equity transactions.
Fun facts: Recently, Matt advised on PayPal’s $1.1 billion acquisition of Xoom, Square’s $279 million IPO and numerous other financing transactions for clients such as Alphabet (Google) and Expedia. He has advised on over 20 announced M&A transactions including a variety of strategic acquisitions, mergers and sales, as well numerous hostile defense and shareholder activism situations. In addition, he has advised on 40-plus completed equity and debt financing transactions.
Degree: B.A. in Economics from DePauw University
2. Lorna Sabbia, Bank of America Merrill Lynch
New role: Managing director, head of retirement and personal wealth solutions in the global wealth and investment management division at Bank of America Merrill Lynch.
What's she doing?: Lorna is responsible for institutional and personal retirement and preferred segment solutions across Merrill Lynch Wealth Management, Merrill Edge and Bank of America. Her responsibilities include individual retirement, integrated benefits, as well as retirement income solutions and overall retirement education, planning, sales and product innovation.
Previous role: Managing director, head of managed solutions, where she led the creation, launch and implementation of the investment advisory platform Merrill Lynch One.
Fun facts: In May 2011, Lorna was chosen as one of 44 employees across the company to serve as a catalyst team member for Project New BAC, an enterprise-wide initiative to increase revenue, simplify and streamline work, and align expenses.
Degrees: B.S. in Business Administration from Boston University; Certified Investment Management Analyst (CIMA)
3. Andrew Lee, UBS
New role: Managing director, deputy global head of ultra-high-net-worth and alternatives in the chief investment office at UBS Wealth Management, which oversees approximately $2 trillion of invested assets for private clients globally. He is also managing director and head of the office’s U.S. practice.
What's he doing?: He is responsible for delivering advice, insights and opportunities to the firm's billionaire and ultra-high-net-worth clients, including cross-asset and alternative investment strategy and insights from the office's proprietary networks.
Where?: New York
Previous role: Managing director, head of alternative investment strategy
Fun facts: Previously, he was a director at Deutsche Asset Management in a team managing a global long/short equity fund. Andrew also worked in the mergers-and-acquisitions and real estate private equity groups at Lazard.
Degree: B.A. from Harvard; M.B.A. from the Wharton School at the University of Pennsylvania
4. Abbas Elegba, Deutsche Bank
New role: Associate in the financial sponsors group at Deutsche Bank
What's he doing?: He is responsible for large-cap and middle-market sponsors serving as junior coverage officer.
Where?: New York
Previous role: Summer intern
Fun facts: His product experience and expertise includes leveraged finance, equity and equity-linked, and M&A, with recent transactions for sponsor-backed companies such as Red Lobster, Access Information Protected, North American Power, Floatel International, Atkore and Site One.
Interests/hobbies: Learning to speak Hausa, a Chadic language with about 39 million speakers across Africa
Degrees: B.S. from the United States Military Academy at West Point; M.B.A. from the University of Virginia’s Darden School of Business; Bronze Star from the U.S. Army
Lead photo credit: Hemera Technologies/AbleStock.com/Thinkstock; headshots courtesy of the respective firms