Bank of America Corporation 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, according to an internal memo issued on Wednesday. All investment banking global group heads at the Charlotte, North Carolina-based bank will now report to Ahmad and Joo in their expanded positions.

"Faiz will prioritise our deep industry focus and international capabilities, while Mike will continue to prioritise our US middle-market presence to improve integration of the business across our 97 local markets," wrote Matthew Koder, head of global corporate and investment banking, in the memo.

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 organisation.

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.

The leadership shuffle 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.

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.

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.

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.

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