Bank of America Appoints Ahmad and Joo as Investment-Banking Co-Heads, Revamps Leadership

Bank of America has announced leadership changes in its global investment-banking unit, with Faiz Ahmad and Mike Joo named co-heads. Current co-heads Alex Bettamio and Thomas Sheehan will become chairs of global corporate and investment banking. Lisa Clyde and Brendan Hanley have also been promoted to key roles in the company. The changes come as the bank's investment-banking revenue fell 7% to $1.5 billion in the second quarter, but executives expect further improvement in the second half of the year.

Bank of America has announced significant leadership changes in its global investment-banking unit. Faiz Ahmad and Mike Joo have been named co-heads of the division, succeeding Alex Bettamio and Thomas Sheehan, who will now serve as chairs of global corporate and investment banking. Additionally, Lisa Clyde and Brendan Hanley have been promoted to key roles within the company. These appointments come amid a challenging quarter for the bank's investment-banking revenue, which fell by 7% to $1.5 billion in the second quarter. However, executives remain optimistic about potential improvements in the second half of the year [1].

The leadership transition follows a period of market volatility and strategic miscalculations that have shaped the investment banking landscape. By late 2025, the industry is facing one of the most difficult hiring environments in recent years, with a significant reduction in front-office headcount and a constrained recovery in 2023-2024. The market collapse in 2022-2023, driven by geopolitical disruption, extreme market volatility, inflation, and aggressive rate hikes by the Fed, forced major banks to cut deeply into their workforce. The subsequent recovery was limited by persistently high interest rates and falling productivity, further complicating the hiring process [2].

Despite these challenges, Bank of America is positioning itself to capture share in the current deal cycle. The appointment of Ahmad and Joo as co-heads indicates a strategic focus on rebuilding the investment-banking team and navigating the complex market conditions. As deal activity accelerates, with global M&A reaching $3.4 trillion in 2024, the bank is likely to face heightened competition for talent. Recruiting firms report activity levels running 50-70% above prior years, while the available candidate pool remains historically thin. Offer timelines have been compressed, and compensation pressures are rising, suggesting a scarcity-driven talent market [2].

In the context of these changes, Bank of America's investment-banking division is poised to play a crucial role in the bank's overall strategy. The leadership appointments and the ongoing hiring challenges reflect the industry's evolving dynamics and the bank's commitment to adapting to these conditions. As the second half of the year approaches, investors will be closely watching for signs of improvement in the investment-banking revenue and the bank's ability to execute its strategic initiatives.

References:
[1] https://www.marketbeat.com/instant-alerts/filing-bank-of-america-corporation-bac-shares-acquired-by-edgar-lomax-co-va-2025-08-18/
[2] https://prospectrockpartners.com/the-investment-banking-talent-wars-inside-q4-2025s-perfect-storm/