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Bank of America names global capital co-heads

BANK of America Corp, the largest US bank by assets, yesterday said it appointed Alastair Borthwick and Lisa Carnoy as co-heads of its global capital markets business.

The reshuffling of the unit, which was an earnings powerhouse for the bank as it battled losses in consumer-lending businesses last year, follows a shake-up of top management last month by chief executive Brian Moynihan after he became chief executive officer on 1 January.

Borthwick previously headed global investment-grade capital markets. Carnoy previously had charge of global equity and equity-linked capital markets. The pair take over the role from Bruce Thompson, who replaced Greg Curl as chief risk officer as part of Moynihan’s reshuffle announced in early January. Separately, the bank named Rupert Hume-Kendall chairman of global capital markets.

Bank of America ranks in third place year-to-date for proceeds from global debt, equity and equity-linked deals, behind British bank Barclays Capital and Deutsche Bank, according to Thomson Reuters.