By Saeed Azhar
NEW YORK, Aug 6 (Reuters) – Mike Joo, co-head of investment banking at Bank of America, is leaving for an external opportunity, as indicated in an internal memo seen by Reuters. This marks one of the highest-profile departures at the second-largest U.S. bank in recent months.
Bank of America, ranked fourth in Dealogic’s global investment banking revenue rankings, has made several recent hires to enhance its dealmaking capabilities but has also experienced the departure of senior executives. Notable exits include the global head of activism & raid defense, the vice chairman of consumer and retail investment banking, and the vice chairman overseeing technology and the global software division.
Matthew Koder, president of BofA’s Global Corporate and Investment Banking (GCIB) team, emphasized the bank’s commitment to attracting top talent, noting that the firm welcomed over 40 new managing directors to GCIB this year.
Despite the high-profile departures, Bank of America reported a profitable second quarter, exceeding Wall Street estimates, with record trading driven by global market volatility and a surge in corporate dealmaking.
Faiz Ahmad and Karim Assef will lead the planning and daily operations of BofA’s global investment banking efforts. Joo, a 20-year veteran at the firm, became co-head of global investment banking alongside Ahmad following a leadership reshuffle last year.
(Reporting by Saeed Azhar; Additional reporting by Abigail Summerville; Editing by Nick Zieminski and Paul Simao)
