Investment specialists run away from Bank of America

Bank of America Corp. reportedly has lost a team of six investment bankers specializing in power companies in Asia. The probable reason to Chapman’s team moving to Barclays could be the result of the U.K.’s third-largest bank having bought Lehman’s U.S. business last year.

The team was led by James Chapman, who was hired by Barclays Plc as managing director and head of power investment banking in Asia-Pacific, the people familiar with the matter said. Ken Ng, a vice president of the team, will also join the U.K. firm, same sources said. There are also forecasts that Chapman and Ng plan to be based in Hong Kong. 

Anoop Chaudhry, a vice president at Bank of America, also had resigned this week. He is currently considering joining Chapman’s team at Barclays, said one of the people. Raymond Yu and Robert Smith, two associates, and power investment banking analyst Brian Kelly have also left the company. 

Merrill Lynch had started losing bankers before Bank of America completed its takeover on Jan. 1, when Damian Chunilal, former Asia- Pacific head of investment banking, left in the company.