Banking news roundup

Bank of America reworks leadership in investment banking unit

Bank of America 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 U.S. 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, according to the memo. Monaco will report to Dean Athanasia, president of regional banking. — Katherine Doherty, Bloomberg News