The Fight for Top Bankers Is Back on Wall Street
The competition for top talent on Wall Street is back, with the biggest indicator being JPMorgan’s hiring of Brian Henderson from Bank of America to head its North America business services investment banking team, according to Reuters, which described it as the bank’s latest senior hire from a big rival. Henderson had been the head of business services coverage within Bank of America’s global industrials group. He has over two decades of experience, having worked on deals in waste and environmental services, utility and infrastructure services, equipment rental, and other sectors.
This is not an isolated incident. JPMorgan’s hiring of Henderson is part of the bank’s broader hiring push, with Reuters reporting that the move is part of JPMorgan’s drive to build out its business services business. Business services banking is becoming increasingly competitive due to private equity dealmaking and corporate buying activity. In other words, banks are hiring because they see their clients preparing to make deals. The larger story is that Wall Street does not spend money on hiring top bankers unless it sees the fee pool growing. Reuters reported that global investment banking fees topped $100 billion in 2025, driven by a recovery in mergers, acquisitions, and stock listings. This trend is expected to continue into 2026.
This also helps explain why banker poaching is spreading across firms rather than remaining isolated at a single bank. Reuters reported in August that Wall Street banks had hired dozens of senior executives as sentiment improved, boosting mergers and IPOs after a lull. The same pattern is evident this year as well. Reuters also reported that Bank of America had hired four experienced technology banking experts to strengthen its technology dealmaking business, including senior banking professionals from Centerview, Goldman Sachs, and JPMorgan.
JPMorgan’s move also adds to the larger pattern of banker poaching from Bank of America. Reuters reported that the Henderson hire follows other Bank of America veterans who have joined JPMorgan, including Roy Wouters, Kevin Brunner, and Mark Garcia. Bank of America is also doing the same by hiring experienced professionals from other banks. This is what a true Wall Street war for talent looks like. Banks are not just replacing people. They are hiring rainmakers who will bring relationships, credibility, and future deal flow with them.
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The most important word in that last sentence is relationships. The reason senior hires are important in the investment banking industry is not just because they have knowledge of the sectors in which they operate, but also because they have relationships with chief executives, private equity firms, boards of directors, and corporate finance departments. Reuters’ reporting also follows this pattern of banks and other financial institutions trying to hire professionals in sectors where deal flow is likely to increase in the near future.
Take business services, for instance. It might sound like a small industry, but it includes a broad array of companies related to outsourced operations, industrial support, and technology-enabled services. Reuters wrote that this segment has become much more competitive, particularly as private equity and corporate buyers returned to the market. An individual who understands this industry can prove to be a huge asset for a bank looking to win advisory fees.
There is also a psychological element at work here. Banks are not typically willing to pay a high salary unless they genuinely believe that the next 12 to 24 months will justify the cost. Reuters wrote that Goldman Sachs CEO David Solomon predicted a rise in mergers and acquisitions in 2026 despite disruptions to global stability. Year-to-date announced deals stood at $1.1 trillion, a rise of 23% over the same period a year earlier.
To put it simply, if you are not in the financial sector, the best way to understand this story is to remember that if Wall Street firms start fighting over top bankers, it is likely because they think they will have a better market in which to make deals. Banks make their money by providing advice, underwriting deals, and executing trades. If they do not think they will have deals to make, they do not start trying to hire away the best people from their competitors. The recent Reuters coverage of this issue suggests that this is exactly what is happening now.
This does not mean that all of finance is doing great. But it does mean this hiring war between banks is real and important. In this sector, it is worth paying attention to because it shows how some of the best banks in the world see the future. As of today, JPMorgan, Bank of America, and others are acting like banks that want to pick up more market share before the next deals start to flow. That is not something that happens often on Wall Street.
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Key Takeaways
- The competition for top bankers on Wall Street is intensifying, as seen with JPMorgan hiring Brian Henderson from Bank of America.
- JPMorgan’s push to build its business services is part of a larger trend, driven by increased activity in mergers and acquisitions.
- Banks are hiring experienced professionals to foster relationships and capture future deal flow, indicating optimism about the market.
- Hiring wars are emerging across the sector, with firms poaching key talent from each other to gain a competitive edge.
- Overall, this hiring trend suggests that banks anticipate a growing fee pool and increased deal activity in the near future.