Bank of America Merrill Lynch unveiled changes in its team covering Europe's financial firms on September 14, following similar announcements from two other banks, ahead of an expected rise in equity raisings and deals.
Bank of America Merrill Lynch hired four financial institutions group (FIG) bankers and said it was rejigging its Europe, Middle East and Africa coverage model to match arrangements in the United States and Asia.
New capital rules agreed by regulators are expected to prompt banks in Europe to raise billions of euros in equity, or encourage stronger banks to seek acquisitions, analysts have said.
That could increase the fight for FIG business, and US investment bank Keefe, Bruyette & Woods said it had hired six FIG bankers in London, and France's BNP Paribas announced a shake-up of its operation.
"Given the current environment, we expect financial services companies to start raising additional capital as they look to further strengthen their balance sheets," said Nick Triggs, KBW's new co-head of European investment banking.
Bank of America Merrill Lynch said Mike Coppock, formerly of HSBC, and Richard Saden, formerly of Natixis, would join as managing directors this month alongside ex-Citigroup banker Georg Musil. Gareth Braithwaite is due to join as a managing director in October from RBS.
The new hires will report to Fernando Vicario, who leads the FIG team in Europe.