Bank of America CEO Isn’t Worried About Losing Junior Talent
- Turnover rate is where it’s been ‘traditionally,’ CEO says
- Firms have been hiking pay as young bankers talk of burnout
Source: Bloomberg
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Bank of America Corp. is confident in its ability to retain young talent as Wall Street firms bid up salaries for junior bankers burned out by the pandemic, Chief Executive Officer Brian Moynihan said.
“Our turnover rate in the company is basically what it’s been traditionally,” Moynihan said Wednesday in an interview on Bloomberg TV. Talented college graduates are attracting competitive offers from private equity and other lenders and that competition is “okay” as Bank of America seeks to add people, Moynihan said.