Bank of America Elevates Ahmad, Joo to Lead Global Investment Banking

Bank of America Corp. appointed Faiz Ahmad and Mike Joo as co-heads of global investment banking, according to an internal memo dated Wednesday. Ahmad previously co-led global capital markets, while Joo ran North American corporate and investment banking. All global investment-banking group heads will now report to the pair. The changes are part of a wider reshuffle. Outgoing co-heads Alex Bettamio and Thomas Sheehan become chairs of global corporate and investment banking, tasked with deepening client relationships. The bank also promoted Lisa Clyde to co-head of global capital markets alongside Sarang Gadkari, named Karim Assef chair of global investment banking and installed Brendan Hanley as head of global corporate banking and leasing. The overhaul comes as Bank of America seeks to revive deal-making performance. Investment-banking revenue slipped 7% to $1.5 billion in the second quarter, even as executives cited signs of a pickup for the second half of the year.