Bank of America Splits TMT Leadership: Co-Heads Rise in Tech & Media/Telecom

The recent reshuffle at BofA reflects a strategic move to sharpen specialization within its TMT practice—splitting technology from media & telecom shows recognition that these sub-sectors have divergent market dynamics and client needs. By naming co-heads for each, the bank not only elevates leadership bandwidth but also potentially fosters more focused sectoral coverage and faster decision-making.

Matthew Sharnoff’s long tenured experience in fintech and global technology IB, coupled with Johnny Williams’ 30 years in technology and prior experience at UBS, position them to push BofA’s technology practice deeper into high-growth subsectors such as cloud, semiconductors, AI infrastructure and software. Daniel Kelly—native to BofA—and Joseph Valenti—joined in 2022—offer a blend of institutional continuity and fresh perspective at the media & telecom juncture, which is under pressure from evolving content distribution, 5G capex, and regulatory scrutiny.

These changes come as BofA aims to capitalize on momentum: third-quarter profits exceeded expectations, dealmaking has rebounded, and there is growing competitive pressure among banks to capture fees in technology-driven mandates. The exit of Kevin Brunner to JPMorgan removes a key leader in BofA’s TMT efforts, potentially increasing urgency for effective execution by his successors.

From a risk perspective, co-leadership models bear potential for misalignment in strategy or internal turf conflicts; successful coordination with the broader IB management (Ahmad, Joo) will be crucial. Moreover, in a high-volatility technology investment climate, continued investment (e.g. in AI, cloud) must be matched with robust risk controls and client risk mitigation. Open questions include how this leadership shift will influence BofA’s internal incentives, coverage maps, headcount allocation, and position versus rivals advancing rapidly in technology IB.