Bank of America Appoints Faiz Ahmad and Mike Joo as Co-Heads of Global Investment Banking

Bank of America has promoted Faiz Ahmad and Mike Joo to co-heads of global investment banking, with all group heads now reporting to them. Ahmad was previously co-head of global capital markets, while Joo was head of North America GCIB. The move comes as the bank's investment banking revenue ranked third highest in 2025, with a 6% market share.

Bank of America has announced significant leadership changes within its global investment banking division, promoting Faiz Ahmad and Mike Joo to serve as co-heads of the unit. The restructuring sees current co-heads Alex Bettamio and Thomas Sheehan transitioning to new roles as chairs of global corporate and investment banking [1].

Faiz Ahmad brings considerable experience to his new role, having previously served as co-head of global capital markets alongside Sarang Gadkari following leadership changes in 2023. Before that appointment, he held the position of head of global transaction services within the organization. Mike Joo, who has been with Bank of America since 2006, was most recently head of North America global corporate and investment banking. His career at the bank has spanned multiple divisions, including chief operating officer for global markets, head of global rates and currencies solutions, and head of Asia debt capital markets [1].

The appointment reflects the bank's strategic focus on middle-market transactions, particularly mergers and acquisitions valued between $500 million and $2 billion, which have become an expanding segment for US investment banks. The changes come as Bank of America faces mixed performance in its investment banking division. The bank's investment banking revenue declined seven per cent to $1.5 billion in the second quarter, reflecting broader challenges in the dealmaking environment. However, chief financial officer Alastair Borthwick indicated optimism about future prospects, noting that the firm's bankers were "encouraged" by recent increases in activity and expecting further improvement in the second half of the year [1].

According to Dealogic data from mid-August, Bank of America maintained its position as the third-highest ranked global investment bank by revenue in 2024, holding a six per cent market share compared to 6.1 per cent the previous year. However, the bank slipped from fourth to fifth place in mergers and acquisitions rankings, though it gained ground in debt capital markets and loans whilst experiencing a slight decline in equity capital markets [1].

The appointment of Ahmad and Joo as co-heads is seen as a strategic move to streamline the hierarchy and focus on client needs. The leadership shuffle also includes additional appointments, with Lisa Clyde moving from her role as head of global corporate banking and leasing to become co-head of global capital markets alongside Gadkari. Brendan Hanley, previously co-head of emerging growth and regional coverage, will assume Clyde's former responsibilities for corporate banking and leasing operations in the US and internationally [1].

For investors and financial professionals, these changes highlight Bank of America's commitment to improving integration across its 97 local markets and prioritizing key client segments. The bank's new reporting lines could influence how rivals respond, with over $100 billion in equity and debt underwriting last quarter still not enough to reverse a general slowdown in dealmaking [2].

References:
[1] https://www.fstech.co.uk/fst/Bank_of_America_Names_Faiz_Ahmad_And_Mike_Joo_As_Co_Heads_Of_Investement_Banking.php
[2] https://finimize.com/content/bank-of-america-shuffles-investment-banking-leadership-roles