(Corrects second-last paragraph to say Assef is already chair, not named chair)
By Saeed Azhar
NEW YORK (Reuters) -Financial institution of America promoted Faiz Ahmad and Mike Joo to co-heads of worldwide funding banking as a part of a broader management reshuffle within the enterprise, in line with an inside memo seen by Reuters on Wednesday.
The entire funding financial institution’s world group heads will now report collectively to Ahmad, who was beforehand co-head of worldwide capital markets, and Joo, previously its head of North America world company and funding banking (GCIB).
The outgoing heads of funding banking, Alex Bettamio and Thomas Sheehan, grow to be chairs of GCIB, tasked with deepening consumer relationships globally, in line with the memo by Matthew Koder, president of the division.
Financial institution of America’s world funding banking income was ranked third-highest in 2025, in line with Dealogic information in mid-August. It had 6% market share, versus 6.1% final yr.
The financial institution fell from fourth to fifth in M&A rankings, the info confirmed. Its market share in fairness capital markets fell barely, however grew in debt capital markets and loans.
BofA’s funding banking charges slid 9% to $1.4 billion within the second quarter, lagging rivals.
Joo will proceed to prioritize BofA’s U.S. center market presence to enhance integration of the enterprise throughout 97 native markets, the memo mentioned.
Center market mergers and acquisitions – valued between $500 million and $2 billion – have grow to be an increasing enterprise for funding banks within the U.S.
The financial institution mentioned Karim Assef, the chair of worldwide funding banking, will tackle a extra lively position in world funding banking.
It appointed Lisa Clyde as co-head of worldwide capital markets, alongside Sarang Gadkari, and picked Brendan Hanley as head of worldwide company banking and leasing.
(Reporting by Saeed Azhar; further reporting by Tatiana BautzerEditing by Rod Nickel and Lananh Nguyen)
