A number of the big banks have been shuffling their people around in hopes of finding combinations which will help them generate more revenue and profits in the years ahead. Bank of America’s (NYSE:BAC) latest move has been to fill the vacancy in their global capital markets division which was opened up when former head of the unit Bruce Thompson left to take on the role of chief risk officer for the company.
Now it looks like Bank of America feels two heads are better than one, as they’ve decided to go with co-leaders in the unit, naming Alastair Borthwick and Lisa Carnoy to head up the global capital markets segment. The two will report directly to president of the division Tom Montag.
What the position entails for the duo are to be given the responsibility of the global debt, equity and equity-connected business, according to a company statement when announcing the changes.
In a statement Montag said, “I’m confident that Alastair, Lisa and their teams will continue the great work in leading and growing our premier debt and equity capital markets platform.”
This seems to be good appointments by Bank of America, as the group Borthwick headed up in 2009 was rated second for offering U.S. investment-grade debt, generating $109.4 billion in issues the underwrote. For the global equity capital markets group led by Carnoy, they were the fifth rated in that regard, generating on a global basis $39.5 billion in offerings related to equity.
The company release said this is the fifth year Borthwick will be with the company and formally ran the global investment grade capital markets unit, while Carnoy has been with the company for 15 years while running the equity and equity-linked capital markets business.
