Bank of America has named Mike Joo as North American head of its global corporate and investment banking (GCIB) group, which is a new role, Bloomberg wrote Monday (Sept. 12).
Joo is also the chief operating officer of global corporate and investment banking, and he’ll do the new job alongside his existing one, according to Matthew Koder, president of GCIB, in a staff memo.
“Our ability to deliver holistic solutions across corporate and investment banking has been a key advantage for us in driving market share, and in today’s environment it is vital that we continue to partner and connect across all of our lines of business,” Koder said in the memo.
Joo has worked at Bank of America since 2006 at various jobs, including COO for global markets, head of global rates and currencies solutions, and head of Asia debt capital markets.
Koder said that Joo had “extensive experience” with Bank of America, which will help him “fully utilize the entire Bank of America platform, including the market presidents, to leverage our expansive network and capabilities to deepen and broaden client relationships.”
Joo will be working with a number of business heads on capital markets, corporate banking, investment banking and global transaction services.
Bank of America has also recently debuted an affordable loan solution for first-time homebuyers in the Black and Latino communities, PYMNTS wrote.
Read more: BofA Debuts Minority Homebuyer Program in 5 Cities
The program will involve zero down payment and zero closing costs. It will be available in “designated markets, including certain Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami.”
The program will make use of credit guidelines based on metrics such as timely payments on rent, utility bills, phone, and auto insurance. It won’t count mortgage insurance or minimum credit score. Eligibility will be based on income and home location. Bank of America said prospective buyers will have to complete a homebuyer certification course before they apply.
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