Business organizations require astute leadership to achieve stated goals through teams whose members collaborate both effectively and efficiently. The banking sector is one in which leadership and team effectiveness are at the core of organizational excellence. However, increasing cases of poor corporate performances and bank distresses require that the link between leadership and team effectiveness be empirically ascertained. Thus, this study sought to determine if leadership style, evaluated from the angles of communication and talent management approaches have significant effects on team effectiveness in some branches of Guaranty Trust Bank in Lagos State. Anchored on transformational leadership theory and ‘Blake and Mouton’s Managerial Grid’, the study employed both qualitative and quantitative methods to conduct its investigation. In the end, the transactional leadership style was found to be the predominant style of leadership in Guaranty Trust Bank, while the assertive communication style was found to have the most positive effect on team effectiveness. Also, the strategic pool approach to talent management, wherein the leader is involved in the professional development of the team members was found to have the most significant effect on team effectiveness. Furthermore, qualitative results indicated that a team leader will have to alternate between several approaches to communication and talent management to get the best out of their teams. It was, therefore, recommended that leadership development programs in banks should be designed to equip team leaders with requisite communication and talent management skills to enhance both team and organizational performances.