Mike Joo, who had taken on the co-head role in the investment banking division of Bank of America, is stepping away from the position to explore a new opportunity. His exit follows only one year at the helm of the division, according to a memo seen by Bloomberg News.
Faiz Ahmad, the other co-head of investment banking, and Karim Assef, the group chairman, will continue to steer the business. This leadership transition was first reported by Reuters.
The Charlotte-based lender has been aggressively expanding its regional presence in investment banking. Over the past months, the bank has hired nine senior executives in various US markets, including Austin, Boston, Chicago, and beyond. Bank of America now counts more than 200 bankers across 26 cities.
The bank's investment in technology is also paying off. Jason Rowe, a former Goldman Sachs partner, and Gary Kirkham, previously of Centerview Partners, now hold key roles in the technology investment banking team. Richard Hardegree, ex-UBS Group, was brought in to lead technology M&A.
Solid Performance and Key Deals
Bank of America's investment banking division delivered a strong Q2 performance. Notable transactions led by the bank include the potential merger between NextEra Energy and Dominion Energy, as well as Equity Residential's consolidation with AvalonBay Communities. Bank of America was also involved in the anticipated SpaceX initial public offering.