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Investing.com -- Morgan Stanley (NYSE:MS) has hired investment banker Ashish Kumbhat from Bank of America Corp (NYSE:BAC). to help lead its bank advisory group, according to a report from Bloomberg, citing people familiar with the matter.
Kumbhat will join the New York-based firm in the fall as co-head of banks and diversified financials, working alongside Elizabeth Jacobs, said the people, who asked not to be identified because the details aren’t public.
A representative for Morgan Stanley declined to comment, while a representative for Bank of America didn’t immediately respond to a request for comment.
The hire comes as analysts and investors predict an increase in US bank mergers and acquisitions under US President Donald Trump’s administration, which is viewed as being more open to consolidation in the sector.
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