Bank of America (BofA) has appointed Satish Arcot, a banker from JPMorgan Chase, as the managing director based in Mumbai, for its capital markets business in India.
This move comes as part of the bank’s efforts to rebuild its domestic investment banking team, reported Bloomberg citing sources.
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Arcot, who has over two decades of experience in financial services, is expected to join Bank of America toward the end of the year.
The bank has been making key appointments earlier this year, including Vikram Sahu as India country head and Mandar Donde, a Bank of America veteran, to lead its investment banking operations in the nation.
The US lender is making a concerted effort to regain its footing in the Indian market following the departure of three senior dealmakers from its investment banking unit in November, which was associated with alleged misconduct related to stock offerings.
Despite its long-standing presence in India since 1964, Bank of America ranked seventh in equity capital market advisory in 2024 and did not feature in the top ten for M&A advisory, according to Bloomberg-compiled data.
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By GlobalDataArcot’s previous role as an executive director at JPMorgan spanned four years, as indicated by his LinkedIn profile. He has not commented on his new appointment, and both Bank of America and JPMorgan spokespersons have declined to comment on the matter.
Bank of America has a significant history in India, offering investment banking services to a range of clients including corporates with annual revenues over $2bn, financial institutions, and government entities.
