New Bank of America Shakes Up Asia DivisionPosted by in Blog on November 28, 2011
Matthew Koder, former UBS AG executive, left the company this year to run Bank of America-Merrill Lynch’s Asia Pacific banking department, and he made himself known immediately at his new headquarters — in a big way. Reuters reports that workers in the Hong Kong office who arrived late saw Post-It notes from Koder himself, sardonically wishing them a “good afternoon.”
He explained to Reuters that “people in this industry should feel very lucky to be in this industry, particularly now when you look at structural unemployment around the world,” saying that “we should just feel fortunate.”
Koder has promised from the beginning to work hard, and asked others to do the same. “Like I said at my first Monday morning meeting, I’m prepared to do anything and everything that I’ll ask anyone in the team to do,” he said. “All I ask is for people to do as much as I do, no more than that.”
He’s certainly making big changes so far at the BofA branch. One of his employees, who recently left the firm, said that under Koder “you see people in capital markets showing up two hours earlier than they used to,” and that “you get emails and phone calls from [Koder] at any hour.”
While the long-term effects of Koder’s leadership have not yet taken effect, Reuters says that “in Asian debt capital market issuance, BofA has this year bounced back to third place, from 7th last year, in the G3 currency”, and it’s now fifth in “equity capital market underwriting,” which has increased from all the way to 10th last year.
Written by Lisa Swan