When Fernando Vicario became the sole head of Bank of America Merrill Lynch’s (BAML's) corporate bank in Europe, Middle East and Africa (EMEA) in 2016, it had enjoyed seven years of consistent growth. Having been the co-head of the corporate bank as well as co-head of BAML’s debt capital markets (DCM) business since 2012, Mr Vicario had a hand in its good run.
But three years ago, the economic landscape was starting to shift because of a more challenging geopolitical climate. The UK voted to leave the EU in June, sending shockwaves through the corporate community, the US presidential elections ended in an unexpected victory for Donald Trump in November, and in December US authorities announced tougher sanctions against Russia amid allegations of election hacking. “There has been more managerial attention on the corporate banking business, in response to the challenges of sanctions and big regulatory changes,” says Mr Vicario.
