Bank of America (NYSE:BAC) (BofA) has welcomed back Vanessa Bogaardt to its executive team as the global head of capital introduction. Bogaardt, who had previously worked at BofA’s London office, rejoins the firm following a successful stint at Goldman Sachs (NYSE:GS) where she earned the title of Managing Director in 2019.
In a year that has seen Bank of America outperform with robust sales and trading revenues, the company has also ended its hiring freeze. This change in hiring policy comes as the bank experiences an unexpected retention rate that's affecting its planned headcount reductions. The bank had intended to streamline operations and cut costs through natural attrition but found that recent improvements to its corporate culture have led to higher employee retention than anticipated.
Bogaardt's return to Bank of America is significant as the bank navigates through these internal changes and continues to thrive in a competitive market. Her previous six-year tenure with the bank and her seven-year progression at Goldman Sachs position her as a valuable asset for BofA's leadership team.
The bank's strong performance in sales and trading this year stands in contrast to the broader challenges faced by others in the industry. By lifting its hiring freeze, Bank of America is signaling confidence in its growth trajectory and commitment to investing in top talent, even as it seeks to manage costs effectively.
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