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Citi more global than other american banks11/15/2023 In fact, when you compare it to the other big US investment banking franchises, this really stands out. Bank of America is beginning to look very … American. But unless any of the people above are planning to move geographically (something which isn’t mentioned in any of the news reports), they are all going to be based in the same region. Usually, the “global co-head” structure is put in place by a company that wants to spread its leadership out across the time zones. Well, most obviously that on the IBD side, Bank of America likes co-head structures. And to Elif Bilgi Zapparoli, the previous co-head of capital markets, who will now be head of international client strategy. Also to Faiz Ahmad, who goes from global transaction services to be co-head of global capital markets with Sarang Gadkari. So, congratulations to Alex Bettiamo, who is promoted from heading the Latam business to be co-head of global investment banking alongside Tom Sheehan. On that basis, Bank of America’s latest shake-up looks like it might repay a bit of analysis and speculation. This is the level of management where the company is shaped for years, even decades to come. Of particular interest are the ones which aren’t triggered by a big resignation or external hire, and which happen close to the top of a business unit, but not right there at the executive board level. Some reorganisations tell you more about a bank’s direction and strategy than others.
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