Sept 9 (Reuters) - Bank of America ( BAC ) has hired

technology banking veteran Tim Carpenter from peer JPMorgan

Chase ( JPM ) to co-lead its software investment banking

business, a source familiar with the matter said on Monday.

Investment banking has experienced an improvement in 2024,

riding on hopes of potential rate cuts and expectations of soft

landing of the the U.S. economy. Equity markets have surged this

year, primarily led by a handful of technology giants.

The rebound in investment banking activity helped Bank of

America ( BAC ) post better-than-expected profits for the second

quarter, as announced by the bank in July.

Carpenter, who has been with JPMorgan ( JPM ) since 2015 after

moving from Deutsche Bank AG, will be joining Bank of

America ( BAC ) this December.

At JP Morgan, he held the role of co-head of enterprise

technology and cloud investment banking, as noted in his

LinkedIn profile.

With a strong background in technology investment banking

dating back to his tenure at Deutsche Bank AG, Carpenter will

now collaborate with Edward Liu, who currently serves as the

software co-head at Bank of America ( BAC ).