(Reuters) - Bank of America has hired technology banking veteran Tim Carpenter from peer JPMorgan Chase 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 post better-than-expected profits for the second quarter, as announced by the bank in July.

Carpenter, who has been with JPMorgan since 2015 after moving from Deutsche Bank AG, will be joining Bank of America 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.

(Reporting by Saeed Azhar in New York and Pritam Biswas in Bengaluru; Editing by Mohammed Safi Shamsi)