Over the last few years, tech IPOs have become the hippest thing going on Wall Street. But if "Alibaba going public is the new black," Bank of America has lately found itself dressing from a closet full of baggy gray sweatsuits.
BofA missed out on most of the big tech IPOs last year and that's not great for a bank that also paid out billions upon billions in fines. Good new though, Brian Moynihan and his crew are not taking this lying down.
But with a short bench of techie finance bros, BofA has had to go to the corner of the cafeteria where the cool kids hang out.
Bank of America has hired Chris Cormier, a specialist in helping companies in the technology, media and telecommunications sectors go public, as a managing director, the firm announced on Monday in an internal memorandum.
Mr. Cormier, who will be based in New York and will start in August, joined the bank from Deutsche Bank, where he was most recently the head of technology equity capital markets for the Americas, according to the memo, which was reviewed by DealBook.
Cormier has 10 years in at Deutsche Bank and just took over as the firm's head of tech ECM in January. That stings for Deutsche, especially since the man that Cormier replaced, "Tweeting Ted" Tobiason, left the bank for Morgan Stanley last November.
So BofA is making moves to get back in the tech IPO game just in time to chase the brass ring that is Uber. Deutsche Bank better lock the exits.