Bank of America Names New Investment Banking Co-Heads: A Banking Group Overview

Bank of America has named new co-heads of its investment banking division. The bank is organized into five areas of activity, with commercial banking accounting for 58.4% of net interest income. The group managed $1.9655 trillion in current deposits and $1.0958 trillion in current credits at the end of 2024.

Bank of America has announced the appointment of Faiz Ahmad and Mike Joo as co-heads of its global investment banking division, as part of a broader leadership reshuffle. According to an internal memo seen by Reuters, Ahmad, previously co-head of global capital markets, and Joo, formerly head of North America global corporate and investment banking (GCIB), will now jointly oversee all investment bank group heads [1].

This move comes as Bank of America seeks to strengthen its global investment banking presence. The bank's global investment banking revenue ranked third-highest in 2025, with a 6% market share, compared to 6.1% in the previous year [1]. While the bank's market share in equity capital markets fell slightly, it grew in debt capital markets and loans.

Joo will continue to prioritize BofA's U.S. middle market presence, aiming to improve integration across 97 local markets. Middle market mergers and acquisitions, valued between $500 million and $2 billion, have become an expanding business for investment banks in the U.S. [1].

The bank has also appointed Karim Assef as chair of global investment banking, Lisa Clyde as co-head of global capital markets alongside Sarang Gadkari, and Brendan Hanley as head of global corporate banking and leasing.

Bank of America's commercial banking, which accounts for 58.4% of net interest income, is one of the five areas of activity within the group [2]. At the end of 2024, the group managed USD 1,965.5 billion in current deposits and USD 1,095.8 billion in current credits [2].

References:
[1] https://finance.yahoo.com/news/bofa-names-faiz-ahmad-mike-211400901.html
[2] https://www.marketscreener.com/news/bank-of-america-names-new-investment-banking-co-heads-ce7c51d3df8af320