It’s been a rough few years for the economies of Southern Europe. For top investment bankers hailing from that region, not so bad.

Over the last five years, an Italian or Spaniard has been named head of mergers and acquisitions in London at five of the world’s biggest global banks. The latest promotions came in recent months when Goldman Sachs Group Inc. selected Italian banker Gilberto Pozzi as co-head of its worldwide M&A team, while Bank of America Corp. appointed Diego de Giorgi, also Italian, as co-head of global investment banking. Both are based in London.

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