Exclusive-Bank of America promotes Bettamio to co-head of investment banking; Ahmad to co-head capital markets By Reuters

Fed Decision: Rates Could Keep Moving Upward as Markets Price in Higher-For-Longer

Exclusive-Bank of America promotes Bettamio to co-head of investment banking; Ahmad to co-head capital markets

Published Jun 08, 2023 11:48AM ET

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Exclusive-Bank of America promotes Bettamio to co-head of investment banking; Ahmad to co-head capital markets

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By Lananh Nguyen

NEW YORK (Reuters) - Bank of America Corp (NYSE:BAC) promoted the head of its Latin America business, Alex Bettamio, to co-head of global investment banking alongside Thomas Sheehan, according to a memo seen by Reuters on Thursday.

The leadership change was one of several announced by the second largest U.S. bank. It also elevated Faiz Ahmad to jointly lead global capital markets with Sarang Gadkari. Ahmad currently runs the Global Transaction Services (GTS) unit.

Elif Bilgi Zapparoli, who currently serves as co-head of global capital markets, will become head of international client strategy, reporting to Bernie Mensah, BofA's top executive in charge of its overseas businesses.

Bank of America's investment-banking revenue rose 19% to $6.2 billion in the first quarter, its second-best quarter for revenue, even as investment banking fees sank 20%.

The memo also outlined other personnel moves.

Mark Monaco will take over GTS in addition to his current role leading the company's payments business.

Augusto Urmeneta was named president for Latin America, succeeding Bettamio.

Jiro Seguchi, co-president of Asia Pacific, will retire.

Jin Su will become the bank's sole president for the Asia Pacific region when Seguchi retires. Peter Guenthardt will lead global corporate investment banking in the region.

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