Carter McClelland, the man responsible for hiring hundreds of high-paid bankers during Deutsche Bank AG's first go at large-scale U.S. investment banking, is on another hiring spree, this time for Bank of America Corp.

So far, much of the work has been a rebuilding effort. By Mr. McClelland's own admission, Bank of America is only now recovering from its loss a year ago of the roughly 100 Montgomery Securities staff that followed star investment banker Thomas Weisel out the door.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.