Bank of America has announced several leadership changes within its global markets division, promoting Denis Manelski and Soofian Zuberi to presidents and co-heads of global markets. The changes follow 14 consecutive quarters of revenue growth. Bank of America is the second-largest bank in the United States and provides a range of financial services to individuals, small- and middle-market businesses, institutional investors, and large corporations. It offers banking, investment management, and other financial and risk management products and services.
Manelski, with the bank since 2004, previously headed sales for fixed income, currencies, and commodities. Zuberi brings over 30 years of experience, most recently serving as head of global equities for the past four years. These appointments follow Jim DeMare’s promotion to co-president of the entire bank, placing him as a potential successor to CEO Brian Moynihan.
Other leadership changes include Karen Fang and Sarang Gadkari leading Global Capital Solutions, a new group serving clients with complex financing needs, and Ashok Krishnan appointed head of platforms to drive efficiency and automation, including AI tools. Matt McQueen will head global FICC Micro, while Laura Chepucavage and Carlos Fernandez-Aller become co-heads of global FICC Macro. Brian Carosielli will serve as head of global markets sales, and Glenn Koh and Stuart Bourne are appointed co-heads of global equities.
In the third quarter, Bank of America’s sales and trading revenue increased by 9% to $5.4 billion. The broader trend of rising trading revenues at major U.S. banks during this period was driven by macroeconomic uncertainties and global events that increased market volatility, leading investors to hedge their positions and boosting trading desk activity. Bob Munsey will continue as head of global markets trading risk and global markets business controls.
