After a 25-year career in investment banking and 17 years with Bank of America, Craig Coben retired in 2022. He’s based in London, and since leaving the bank, Craig has become a recognized commentator on the financial industry, with numerous widely read columns published in the Financial Times and guest appearances on CNBC and several leading financial conferences and podcasts. The Alumni Network team had a chance to speak with Craig about his career at Bank of America and recent transition to retirement.
Tell us about your career at Bank of America. When did you join the bank and what was your last role?
After spending 8 1/2 years at Deutsche Bank, I joined Merrill Lynch in 2005 as a managing director in the EMEA Equity Capital Markets division. In early 2009, I was named head of the division — a position I held for seven years — until the early part of 2016. And, in mid-2014, I was also named head of Global Equity Capital Markets
In 2018, I was named vice chair of Global Capital Markets. And in 2020, I continued as vice chair and moved to Hong Kong for a couple of years to co-head the Global Capital Markets team for Asia Pacific before retiring in 2022.
What’s the most interesting thing about your experience at the bank — favorite memory or impactful moments of note?
We worked on so many transactions over the years. I think some of the more exciting aspects of the job were following the financial crisis where we worked on a number of recapitalizations for European banks. The banks were issuing equity to strengthen their balance sheets and recover from the trauma of the financial crisis. And it was really an exciting time because we were raising gargantuan amounts of capital — multiple billions of dollars — and Bank of America was usually underwriting the lion’s share of the equity issue. There was a lot at stake for our clients and Bank of America in making sure that these transactions were a success.
Another thing that stands out for me was during my last year running the European Equity Capital Markets team in 2015. We achieved a number one position in the equity league tables and that was really the first time we had done so. It really showed the global reach of the bank and how we could be very successful and second to no one.
How does your Bank of America experience tie in with your current focus or passions?
I’m talking a lot about the experience and expertise I gained from working in the financial services industry over 25 years and applying it in different contexts. I’m doing what I enjoy doing — commenting on matters and engaging with different stakeholders.
I’m doing a lot of freelance projects. I’ve published over 30 columns in the Financial Times, which have generated a lot of public debate and discussion, and that’s always very exciting.
I’ve also been working with an expert witness firm that specializes in financial litigation. I have been a freelance consultant on several confidential projects — some of which are ongoing. And that’s been interesting.
I’ve been active in the non-profit area as well. I’m on the board of Fulham Palace Trust, the historic residence of the Bishop of London, and I co-host a podcast called Cottage Talk — a fan forum for the Fulham Football Club. And I recently traveled to Ethiopia to visit the Haile-Manas Academy, a pioneering co-ed secondary boarding school in the city of Debre Birhan. While there I also spoke at a major financial conference in Addis Ababa sponsored by FSD Ethiopia, a development agency dedicated to supporting inclusive and sustainable financial markets for economic growth and human development.
What else have you been up to since you retired?
I’ve been traveling and hanging out too. I wanted to catch up (on travel) and go to places that are a little bit off the beaten path. I’ve been to Faroe Islands. It was very beautiful — I went hiking around there. I also went to Bulgaria and hiked up a few mountains. We also visited Peru and the Galápagos Islands.
I’ve just returned from an incredible week of hiking, canyoning and cycling in Mallorca with close friends. And I’m going to go trekking in the desert in the Sinai Peninsula.
So, I’ve been doing a lot of personal travel to experience some things I wasn’t able to do before. I’ve also been spending a lot of time with my family and friends in different venues. It’s just been nice to be able to relax.
I recently attended a wedding in Rome for a teammate I worked with on the EMEA Equity Capital Markets team. It was great to catch up with friends and former colleagues and to maintain that connectivity.
What are your thoughts about being a part of the Alumni Network or message to fellow alum?
I think being part of an alumni network offers a great opportunity both personally and professionally to stay in touch with the people you worked with and whom you shared good and difficult times with.
Investment banking can be a very challenging business and you’ll forge some real memories there — out of struggles and out of the adventures, and it’s great to maintain that continuity. And not to mention, you grow close to people when you’re working on projects intensely. And you don’t want to lose that connection.
I worked with incredibly intelligent and interesting people. I consider myself very fortunate to have been exposed to the caliber of personnel that we had at the bank, and I don’t want to lose those connections. So, I’m really excited to be a part of the Alumni Network — for myself and to help other alumni.