By Saeed Azhar
NEW YORK, Aug 6 (Reuters) – Bank of America’s co-head of investment banking, Mike Joo, is leaving the firm for an external opportunity, according to an internal memo seen by Reuters, in one of the most high-profile departures at the second-biggest U.S. bank in recent months.
BofA, which is fourth in Dealogic’s global investment banking rankings based on revenue, has made several hires in recent months to boost its dealmaking business, but the bank has also lost some senior executives.
The departures included its global head of activism & raid defense, its vice chairman of consumer and retail investment banking and its vice chairman of technology and global head of software.
“Senior banker poaching is typically higher during periods when deal pipelines are active, so elevated levels of high-profile departures are not particularly surprising nor are current levels a cause for concern,” said Austin Taggart, banking analyst at Morningstar.
“Given Joo’s impressive career spanning a wide mix of geographies, sectors, and asset classes, we believe he was a particularly sought-after talent,” he said.
Joo did not immediately respond to a request for comment.
A surge in $10-billion-plus “mega-deals” drove global M&A to record levels in the first half of 2026, LSEG data shows.
“We continue to invest in outstanding talent at every level and are pleased to have welcomed more than 40 new managing directors to GCIB (Global Corporate and Investment Banking) this year,” Matthew Koder, president of BofA’s GCIB team, said in the memo.
The hires included Jason Rowe from Goldman Sachs, who became co-head of technology at BofA and Gary Kirkham, senior partner and head of technology at Centerview, who rejoined BofA.
BofA also hired nine senior bankers across the U.S. to expand its regional investment banking footprint earlier this year, as the lender looks to capture growing demand from middle-market companies.
BofA exceeded Wall Street’s second-quarter profit estimates, as global market chaos fueled record trading, while a corporate dealmaking surge spurred investment banking.
Faiz Ahmad and Karim Assef will continue to work closely together to lead the planning, direction and day-to-day operations of BofA’s global investment banking business, the memo said.
Joo, a 20-year veteran at the bank, and Ahmad were named co-heads of global investment banking as part of a broader leadership reshuffle last year.
(Reporting by Saeed Azhar; Additional reporting by Abigail Summerville; Editing by Nick Zieminski and Paul Simao)
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