Bank of America Investment Banking Co-Head Mike Joo Resigns

Joo, a veteran of two decades at the institution, was appointed co-head of global investment banking only last year during a widespread leadership reorganization. Following his exit, Faiz Ahmad and Karim Assef will maintain joint control over the planning and daily operations of the division. The transition arrives during a period of flux for the bank’s investment banking unit, which has seen several senior executives leave, including the global head of activism and raid defense, as well as vice chairmen from the consumer and technology sectors.

Despite these personnel shifts, Matthew Koder, president of the Global Corporate and Investment Banking team, emphasized that the firm has successfully recruited over 40 new managing directors this year. Bank of America currently holds the fourth position in global revenue rankings according to Dealogic data. The bank recently surpassed second-quarter profit expectations, bolstered by a surge in corporate dealmaking and strong performance in its trading business amid global market volatility.