Banking news roundup, June 9, 2023

Mark Kauzlarich/Bloomberg

Bank of America revamps management in financial investment banking system

Bank of America revealed numerous management modifications in its financial investment banking system, consisting of moving obligation for its worldwide deal services organization to Mark Monaco. Monaco will presume obligation for GTS in addition to his present function leading business payments, the bank stated in a memo to personnel seen by Bloomberg News. Faiz Ahmad, previous head of worldwide GTS, will end up being co-head of worldwide capital markets together with Sarang Gadkari, according to the memo. “Bringing these areas more closely together supports our effort to drive these capabilities even further for our business, corporate and institutional clients in the U.S. and around the world,” the Charlotte, North Carolina-based bank stated. An agent for Bank of America verified the contents of the memo. Ahmad, who has actually led GTS given that 2017, will continue to report to Matthew Koder, the bank’s head of worldwide business and financial investment banking, according to the memo. Monaco will report to Dean Athanasia, president of local banking. — Katherine Doherty, Bloomberg News


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