Mike Joo is leaving his role as co-head of global investment banking at Bank of America for an external opportunity. Faiz Ahmad will become the sole head of the investment bank following the departure. Ahmad will manage the business in collaboration with Karim Assef, chairman of Global Corporate & Investment Banking.
The leadership change follows a quarter where investment banking fees increased 50% from the previous year. Market share for the division grew by 77 basis points during the same period.
Bank of America hired 40 senior managing directors during the current year. The firm stated this expansion creates a strong foundation for future growth.