(Corrects second-last paragraph to say Assef is already chair, not named chair)
By Saeed Azhar
NEW YORK (Reuters) -Bank of America promoted Faiz Ahmad and Mike Joo to co-heads of global investment banking as part of a broader leadership reshuffle in the business, according to an internal memo seen by Reuters on Wednesday.
All of the investment bank’s global group heads will now report jointly to Ahmad, who was previously co-head of global capital markets, and Joo, formerly its head of North America global corporate and investment banking (GCIB).
The outgoing heads of investment banking, Alex Bettamio and Thomas Sheehan, become chairs of GCIB, tasked with deepening client relationships globally, according to the memo by Matthew Koder, president of the division.
Bank of America’s global investment banking revenue was ranked third-highest in 2025, according to Dealogic data in mid-August. It had 6% market share, versus 6.1% last year.
The bank fell from fourth to fifth in M&A rankings, the data showed. Its market share in equity capital markets fell slightly, but grew in debt capital markets and loans.
BofA’s investment banking fees slid 9% to $1.4 billion in the second quarter, lagging rivals.
Joo will continue to prioritize BofA’s U.S. middle market presence to improve integration of the business across 97 local markets, the memo said.
Middle market mergers and acquisitions – valued between $500 million and $2 billion – have become an expanding business for investment banks in the U.S.
The bank said Karim Assef, the chair of global investment banking, will take on a more active role in global investment banking.
It appointed Lisa Clyde as co-head of global capital markets, alongside Sarang Gadkari, and picked Brendan Hanley as head of global corporate banking and leasing.
(Reporting by Saeed Azhar; additional reporting by Tatiana BautzerEditing by Rod Nickel and Lananh Nguyen)
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