Dec 11 (Reuters) - Bank of America ( BAC ) has promoted

387 employees to managing director roles in 2024, 16% more than

last year, a person familiar with the matter told Reuters on

Wednesday.

More than half of those promoted included women and people

of color for the fifth consecutive year, the source said

requesting anonymity, without providing the exact figure.

Wall Street, which has long been accused of gender and

race-based discrimination, has sought to actively diversify its

workforce, particularly in senior positions.

The cohort is bigger than last year's 334, with dealmakers

at the biggest U.S. banks preparing for a year of revival in

mergers and acquisitions activity as well as initial public

offerings.

Banking sector executives are expecting a lighter regulatory

touch under President-elect Donald Trump and lower interest

rates to further spur dealmaking in the coming year.

Trump has tapped Federal Trade Commissioner Andrew Ferguson

to lead the consumer protection and antitrust agency. Ferguson

has said he believes the FTC's Democratic majority and outgoing

Chair Lina Khan have sometimes led the agency to overstep its

authority.

BofA CEO Brian Moynihan told investors in an industry

conference on Wednesday that the lender could see a 25% rise in

investment banking fees in the fourth quarter compared with a

year earlier.

The executive also struck an optimistic tone for the

outlook of BofA's income from lending in 2025 and said consumers

in the U.S. continue to remain resilient, easing worries over a

potential slowdown.

The promotions at BofA were first reported by Bloomberg

News.

In October, the second largest U.S. lender had beaten

estimates for quarterly profit, driven by strength in its

investment banking and trading businesses.

Shares in BofA have rallied roughly 36% so far this year. A

broader index tracking large-cap banks has gained almost

39%, outperforming benchmark equity markets.