Bank Of America Reworks Capital Markets Division With New Advisory Leaders

(Bloomberg) -- Bank of America Corp. announced several leadership changes in its capital markets business and set up a new advisory group to better align its offerings amid volatile market conditions. 

The firm named senior bankers, Gregg Nabhan, chair of equity capital markets, and Mike Browne, co-head of North America leveraged finance, to lead the capital markets advisory unit, according to a memo seen by Bloomberg. They will report to Faiz Ahmad and Sarang Gadkari, co-heads of global capital markets, while retaining their current roles and responsibilities. 

A representative for Charlotte, North Carolina-based Bank of America confirmed the contents of the memo.

Under the new leaders, the capital markets advisory group will work with other teams at Bank of America including private capital markets led by Stephen Bloom, and debt advisory and capital solutions led by Chris Dodman and David Scott, as well as the corporate banking and investment banking divisions, including mergers and acquisitions, the memo said. 

“Our clients continue to face challenging cross-capital structure decisions in a volatile macroeconomic and geopolitical environment,” Ahmad and Gadkari said in the memo. “We are centralizing leadership for our cross-product and capital structure capabilities to further enhance our ability to add value to them.”

Nabhan, who leads the equity capital markets consumer and retail platform, joined Bank of America in 2008. Browne’s responsibilities include marketing high-yield bond and syndicated-loan products for non-investment grade global industrials clients.

Also part of the changes, Anand Melvani will become head of Americas leveraged finance, reporting to Chris Munro, global head of leveraged finance. 

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