Bank of America has named Faiz Ahmad and Mike Joo as co-heads of global investment banking. They will oversee all global group heads, with Ahmad previously co-heading global capital markets and Joo leading North America GCIB. Outgoing heads Alex Bettamio and Thomas Sheehan will become chairs of GCIB to strengthen client relationships worldwide.

In 2025, Bank of America ranked third in global investment banking revenue with a 6% market share. However, it slipped from fourth to fifth in M&A rankings, but saw growth in debt capital markets and loans. Despite a 9% drop in investment banking fees to $1.4 billion in the second quarter, the bank remains focused on improving its U.S. middle market presence.

Joo will concentrate on enhancing BofA’s U.S. middle market integration across 97 local markets. Middle market M&A transactions, valued between $500 million and $2 billion, are a growing sector for U.S. investment banks. Karim Assef, chair of global investment banking, will play a more active role in global operations.

Lisa Clyde has been appointed co-head of global capital markets, joining Sarang Gadkari, while Brendan Hanley will head global corporate banking and leasing. This leadership reshuffle aims to strengthen Bank of America’s position in the competitive investment banking landscape.

Read more at Yahoo Finance: BofA names Faiz Ahmad, Mike Joo as co-heads of investment banking, memo says