Bank of America revamps its capital markets division, memo says

By Thomson Reuters Mar 14, 2024 | 2:30 PM

(Reuters) – Bank of America has made several leadership changes in its capital markets business, setting up a new advisory group called capital markets advisory in a bid to better align its offering amid a volatile macroeconomic and geopolitical environment, according to a memo seen by Reuters on Thursday.

The firm has named Gregg Nabhan, chair of equity capital markets, and Mike Browne, head of North America leveraged finance, to lead its capital markets advisory unit, the memo said.

“Our clients continue to face challenging cross-capital structure decisions in a volatile macroeconomic and geopolitical environment,” Faiz Ahmad and Sarang Gadkari, co-heads of Global Capital Markets said in the memo.

Bloomberg News first reported the development.

The macroeconomic environment has been tough for nearly two years due to the U.S. Federal Reserve’s record interest rate hike cycle and ongoing geopolitical tensions in several regions that have kept markets under pressure.

However, there have been some signs such as the recent inflation print that have fueled some confidence in investors.

Also under new changes, Anand Melvani will become head of Americas leveraged finance and will continue to report to Chris Munro, global head of leveraged finance.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Alan Barona and Shweta Agarwal)