By Saeed Azhar
NEW YORK, Aug 6 (Reuters) – Bank of America’s co-head of investment banking, Mike Joo, is leaving the firm for an external opportunity, according to an internal memo seen by Reuters, in one of the most high-profile departures at the second-biggest U.S. bank in recent months.
BofA, which is fourth in Dealogic’s global investment banking rankings based on revenue, has made several hires in recent months to boost its dealmaking business, but the bank has also lost some senior executives.
The departures included its global head of activism & raid defense, its vice chairman of consumer and retail investment banking and its vice chairman of technology and global head of software.
“We continue to invest in outstanding talent at every level and are pleased to have welcomed more than 40 new managing directors to GCIB (Global Corporate and Investment Banking) this year,” Matthew Koder, president of BofA’s GCIB team, said in the memo.
BofA exceeded Wall Street’s second-quarter profit estimates, as global market chaos fueled record trading, while a corporate dealmaking surge spurred investment banking.
Faiz Ahmad and Karim Assef will continue to work closely together to lead the planning, direction and day-to-day operations of BofA’s global investment banking business, the memo said.
Joo, a 20-year veteran at the bank, and Ahmad were named co-heads of global investment banking as part of a broader leadership reshuffle last year.
(Reporting by Saeed Azhar; Additional reporting by Abigail Summerville; Editing by Nick Zieminski and Paul Simao)
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