Mike Joo, co-head of global investment banking at Bank of America, is set to leave the bank for an “external opportunity”, according to an internal memo seen by Private Banker International.
“We appreciate Mike’s contributions to the firm and his leadership over the years,” the memo read.
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Joo joined the bank in 2006, according to his LinkedIn profile.
Before that, he spent eight years at Credit Suisse, where he was co-head of Asia debt capital markets when he left.
He began his career at Goldman Sachs in 1995 and departed in 1998.
Bank of America said Faiz Ahmad will remain in charge of the investment bank.
Ahmad has previously held roles including head of Global Transaction Services and co-head of Global Capital Markets.
He will work with Karim Assef, chairman of Global Corporate & Investment Banking, on the bank’s investment banking business.
The memo said the bank has appointed 40 senior managing directors so far this year.
In the most recent quarter, the bank reported higher client activity and investment banking results close to record levels.
Total corporation IB fees were up 50% from a year earlier, while market share increased by 77 basis points. The bank also reported further balance sheet growth.
“These achievements, along with significant technology investments, give us a strong foundation to continue to win more deals, drive growth, and deliver the best of our franchise for clients globally”, the memo added.
The bank is involved in several large transactions, including NextEra Energy’s merger with Dominion Energy valued at $118.8bn, Kone’s combination with TK Elevator valued at $34.4bn, and SpaceX: ABR $86.3B IPO.
Late last year, Reuters reported that Bank of America had raised bonus payments for its top-performing investment bankers.
