NEW YORK, Aug 20 (Reuters) - Bank of America ( BAC )

promoted Faiz Ahmad and Mike Joo to co-heads of global

investment banking as part of a broader leadership reshuffle in

the business, according to an internal memo seen by Reuters on

Wednesday.

All of the investment bank's global group heads will now

report jointly to Ahmad, who was previously co-head of global

capital markets, and Joo, formerly its head of North America

global corporate and investment banking (GCIB).

The outgoing heads of investment banking, Alex Bettamio and

Thomas Sheehan, become chairs of GCIB, tasked with deepening

client relationships globally, according to the memo by Matthew

Koder, president of the division.

Bank of America's ( BAC ) global investment banking revenue was

ranked third-highest in 2025, according to Dealogic data in

mid-August. It had 6% market share, versus 6.1% last year.

The bank fell from fourth to fifth in M&A rankings, the data

showed. Its market share in equity capital markets fell

slightly, but grew in debt capital markets and loans.

BofA's investment banking fees slid 9% to $1.4 billion in the

second quarter, lagging rivals.

Joo will continue to prioritize BofA's U.S. middle market

presence to improve integration of the business across 97 local

markets, the memo said.

Middle market mergers and acquisitions - valued between $500

million and $2 billion - have become an expanding business for

investment banks in the U.S.

The bank said Karim Assef, the chair of global investment

banking, will take on a more active role in global investment

banking.

It appointed Lisa Clyde as co-head of global capital

markets, alongside Sarang Gadkari, and picked Brendan Hanley as

head of global corporate banking and leasing.