Bank of America confirmed in an internal memo that Mike Joo, who served as co-head of global investment banking, is departing the firm to pursue an external opportunity. The move is one of several notable senior exits at the second-biggest U.S. bank in recent months.
The memo outlined the bank's ongoing leadership approach for its investment banking operation. Faiz Ahmad and Karim Assef will continue to work closely together to direct planning, set strategy and manage the day-to-day operations of the bank's global investment banking business. Joo and Ahmad had been appointed as co-heads of global investment banking as part of a broader leadership reshuffle last year, and Joo had been with the bank for roughly two decades.
The bank has been actively adding senior personnel even as some executives leave. The memo referenced recent hiring activity intended to strengthen the firm’s dealmaking capabilities. Matthew Koder, president of the Global Corporate and Investment Banking (GCIB) team, said in the memo: "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."
At the same time, the bank has recorded several high-profile departures in its investment banking ranks. Those exits include the global head of activism and raid defense, the vice chairman of consumer and retail investment banking, and the vice chairman of technology who also served as the global head of software.
Bank of America ranks fourth in Dealogic's global investment banking rankings based on revenue, according to the memo, and has both bolstered hiring and experienced turnover as it executes its strategy. The bank also exceeded Wall Street second-quarter profit estimates, a combination of market volatility that produced record trading results and a renewed surge in corporate dealmaking that supported investment banking revenue, the memo said.
The internal communication framed Joo's departure as part of the bank's broader talent and leadership dynamics, noting continued investment in personnel while maintaining operational continuity under existing leadership. Beyond the personnel changes, the memo highlighted the bank’s recent financial performance and the market conditions that contributed to stronger-than-expected quarterly results.
Context and next steps
The bank will continue to operate its global investment banking business under the leadership of Ahmad and Assef, while welcoming new senior hires across the GCIB team. The memo did not provide additional details about Joo's next role or a timetable for his departure.