Bank of America Corp. named Diego De Giorgi and Karim Assef as co-heads of global investment banking, pairing a London-based banker who has focused on Europe and emerging markets with a New York-based veteran of the business.
Both will report to Christian Meissner, who runs the company’s corporate and investment bank, the Charlotte, North Carolina-based firm said Wednesday in a memo to employees. De Giorgi, 45, will remain in London, while Assef is based in New York. The move brings investment-banking operations under a new tier of management to improve collaboration.
“Karim and Diego will partner closely with me on the execution of our global strategy to propel the growth and quality of our investment banking business by deepening client relationships, enhancing coverage efforts and strengthening collaboration and partnerships across the firm,” Meissner said in the memo.
Bank of America has sought to build its advisory and equity-underwriting units amid an improving economic outlook and as clients take on more leverage. The firm generated $6.28 billion in revenue from investment banking in 2014, ranking third among the largest global banks.
De Giorgi was co-head of corporate and investment banking in Europe, Middle East and Africa, and previously worked at Goldman Sachs Group Inc., where Meissner and Chief Operating Officer Thomas Montag once worked. Assef was global head of investment banking coverage, according to the memo.
Bob Elfring, who oversaw EMEA investment banking with De Giorgi, becomes sole head of that business, the firm said. The Financial Times reported the memo earlier today.