Bank of America Reworks Leadership in Investment Banking Unit

Katherine Doherty, Bloomberg News

Signage is displayed on the exterior of a Bank of America Corp. branch in New York, U.S., on Wednesday, Oct. 12, 2016. Bank of America Corp. is scheduled to release earnings figures on October 17. , Bloomberg

(Bloomberg) -- Bank of America Corp. announced several leadership changes in its investment banking unit, including shifting responsibility for its global transaction services business to Mark Monaco.

Monaco will assume responsibility for GTS in addition to his current role leading enterprise payments, the bank said in a memo to staff seen by Bloomberg News. Faiz Ahmad, former head of global GTS, will become co-head of global capital markets alongside 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 US and around the world,” the Charlotte, North Carolina-based bank said.

A representative for Bank of America confirmed the contents of the memo.

Ahmad, who has led GTS since 2017, will continue to report to Matthew Koder, the bank’s head of global corporate and investment banking. Monaco will report to Dean Athanasia, president of regional banking.

The bank announced a number of other moves, including the appointment of Elif Bilgi Zapparoli, who was most recently co-head of global capital markets, as head of international client strategy. Alex Bettamio was made co-head of global investment banking alongside Thomas Sheehan, and will report to Koder.

Read More: BofA Plans Job Cuts in Investment Bank as Wall Street Retrenches

Bank of America also promoted Augusto Urmeneta to president for Latin America and said Jiro Seguchi, most recently co-president of Asia Pacific, plans to retire from the firm after more than two decades.

Wall Street’s investment banks continue to face a muted environment for dealmaking as macro-economic concerns and tumultuous markets constrain mergers and acquisitions. Bank of America saw its investment-banking revenue fall 20% to $1.2 billion, excluding self-led deals, in the first quarter, though an increase in lending at the firm helped counter the continued deal slump.

(Updates with further appointments from sixth paragraph.)