Bank of America Corp., the second-biggest U.S. bank by assets, named Sumit Mukherjee to replace Anne Walker as head of the firm’s U.S. equity syndicate team, said two people with knowledge of the move.
Mukherjee, 33, who’s held half a dozen positions in the bank and Merrill Lynch & Co. since 2001, most recently was a director in the equity capital markets division catering to corporate clients, said the people, who asked not to be identified because the appointment hasn’t been made public.
Mukherjee will direct a team of about a dozen bankers coordinating the marketing, pricing and distribution of shares for every U.S. initial public offering the company manages, the people said. The firm’s global banking unit posted a 27 percent decline in second-quarter profit to $1.41 billion amid slowing investment-banking revenue.
Walker, who joined Merrill Lynch about 14 years ago, was named strategy chief of Charlotte, North Carolina-based Bank of America after Thong Nguyen was moved to a senior retail position. The lender purchased Merrill Lynch in 2009.
Walker and Mukherjee didn’t return calls and e-mails seeking comment on their promotions.