LONDON Oct 19 Diego De Giorgi has become sole
head of global investment banking at Bank of America Merrill
Lynch as his previous co-head Karim Assef takes on a
chairman role, according to a memo seen by Reuters on Wednesday.
Assef and De Giorgi became co-heads of the newly created
position of global investment banking at the Wall Street firm in
April 2015, with Assef based in New York and De Giorgi in
De Giorgi, who joined Bank of America Merrill Lynch from
Goldman Sachs in 2013 as co-head of the lender's Europe, Middle
East and Africa (EMEA) corporate and investment banking, will
remain in London, according to the memo.
Assef, who has been at the bank for around 20 years, will
become chairman of global investment banking, a newly created
position to focus on client relationships based in New York.
A spokeswoman for Bank of America confirmed the contents of
Bank of America, the second-largest U.S. bank by assets,
reported its first profit increase in three quarters on Monday,
foiling expectations for another drop, as bond trading surged
and expenses fell.
Income from investment banking rose 13.3 percent to $1.46
billion, driven by higher debt and equity issuance activity.
(Reporting By Anjuli Davies, editing by Kirstin Ridley)