NEW YORK (Reuters) - Mike Joo, Bank of America Corp’s (BAC.N) head of global rates and currencies origination, is taking over the role of operating chief within the corporate and investment bank as David Glaser retires, according to a memo sent on Wednesday.
The change is the latest shuffle among senior executives in the division, which has been trying to get back on track after a year marked by double-digit revenue declines.
Joo was previously operating chief of the markets division, according to the memo, whose contents were confirmed by a spokesman. He joined Bank of America in 2006 as head of Asia Debt Capital Markets.
Glaser, who joined in 2008 after 20 years at Bear Stearns, will leave in March, allowing time for the transition.
Current executive vice chairman of the corporate bank Jill Schwartz will lead the rates and currencies business as Joo steps into his new role.
His retirement marks the third executive departure from Bank of America’s corporate and investment banking division since the second-largest U.S. bank in January 2018 reported $292 million in losses tied to South African mattress company Steinhoff International.
Christian Meissner, former head of the business, left at year-end. He was replaced by Matthew Koder.
Last week, its head of global investment banking, Diego De Giorgi, said he would leave at the end of February. He will be replaced by Jack MacDonald and Thomas Sheehan, who will act as co-heads.
Management is now adding resources to the business to regain some of the market share it has lost, Chief Executive Officer Brian Moynihan said on a call with analysts last week to discuss earnings.
The investment bank posted a 17 percent decline in fees last year, with advisory revenue suffering more than underwriting.
Reporting by Imani Moise in New York; Editing by Lauren Tara LaCapra and Matthew Lewis