(Reuters) – Bank of America 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.

(Reporting by Saeed Azhar in Toronto and Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)