Bank of America (BAC) Names New Co-Heads of Investment Banking

Bank of America Corporation (NYSE:BAC) is one of the 10 Best Affordable Stocks Under $50 to Buy. On August 20, Reuters reported that Bank of America Corporation (NYSE:BAC) made changes in its global investment banking leadership. Faiz Ahmad and Mike Joo were promoted to co-heads of global investment banking as part of a bigger leadership reshuffle. This information comes from an internal memo seen by Reuters.

Now, all of the global group heads in investment banking will report jointly to Ahmad and Joo. Previously, Ahmad was co-head of global capital markets while Joo was the head of North America global corporate and investment banking (GCIB).

According to the memo by Matthew Koder, president of the division, the outgoing heads of investment banking, Alex Bettamio and Thomas Sheehan, will now serve as chairs of GCIB. They will be focusing on building stronger client relationships worldwide.

According to Dealogic data from mid-August, Bank of America Corporation’s (NYSE:BAC) global investment banking revenue ranked third highest in 2025, holding 6% of the market share. This is slightly less than the 6.1% share it had last year.

The data also showed that Bank of America Corporation (NYSE:BAC) dropped from fourth to fifth in mergers and acquisitions (M&A) rankings. Its market share in equity capital markets declined slightly, but increased in debt capital markets and loans.

In the second quarter, Bank of America Corporation’s (NYSE:BAC) investment banking fees went down by 9% to $1.4 billion. This performance was not as impressive as its competitors. According to the memo, Joo will focus on the company’s presence in the US middle market and better integration of the business across 97 local markets.

Bank of America Corporation (NYSE:BAC) is a global banking and financial services corporation that offers banking, investing, asset management, and other financial and risk management products and services to individual consumers, small and middle-market businesses, and large corporations.

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Disclosure: None. This article is originally published at Insider Monkey.