Bank of America Corp (BofA) is the second largest bank in the US by assets. The bank recently hired John Binnie from Moelis & Co as its investment banking team vice chairman that gives advices to financial companies.

John Binnie will report to Bill Egan, the head of the financial institutions group. Binnie will be based in New York as stated in an internal memo obtained by Bloomberg News. The contents of the memo were confirmed by John Yiannacopoulos, the spokesperson for the North Carolina-based lender.

This year, Bank of America was ranked third as an adviser on mergers and acquisitions of financial firms. The data was according to Bloomberg. A total of such deals were announced to transpire this year. The said deals for mergers and acquisitions were valued at US$334.5 billion. The value had an increase from the previous half of fiscal year 2012 of US$326.4 billion.

Binnie started his career at Salomon Brothers in 1985. He served as the head of Morgan Stanley and co-headed Citigroup before joining Moelis in 2009.