Financial institution of The us Corp. has appointed Korean American Mike Joo as its new head of North The us international company and funding banking (GCIB), consistent with Reuters and funding banking assets on Tuesday.
The brand new duty can be along with his present publish as managing director and leader running officer at GCIB of Financial institution of The us Securities Inc. He’ll report back to GCIB President Matthew Koder.
In the course of the appointment, Joo has come to carry the best possible place amongst Wall Side road funding bankers of Korean descent.
BofA Securities, previously Financial institution of The us Merrill Lynch, is the company banking and funding banking department of BofA. It used to be created in 2009 when BofA got then-IB large Merrill Lynch & Co.
North The us accounts for greater than 80% of BofA Securities’ earnings. The securities large headquarters has immediately controlled the area whilst having a regional head each and every in Asia-Pacific, Europe and the Center East.
Born in South Korea, Joo immigrated together with his circle of relatives to america on the age of seven. He studied molecular biology at Massachusetts Institute of Era and began his profession at Goldman Sachs in 1995.
In 1998, he carried out the Korean govt’s issuance of foreign money stabilization bonds price $4 billion, signaling that the Korean financial system may get well from the 1997-98 Asian Monetary Disaster. Known for the massive transaction, he won an award from the then-finance minister of Korea.
Joo labored for Credit score Suisse Crew AG for 8 years from 1998 and joined BofA Securities in 2006, the place he become the top of debt capital markets for North Asia in 2009.
He’ll intently paintings with leaders throughout capital markets, company banking, funding banking and international transaction services and products, Koder mentioned in a memo to BofA staff, consistent with Reuters.
Joo additionally serves as a pacesetter of a Korean neighborhood in america monetary sector. He and Sandor Hau, a managing director at Charlesbank Capital Companions, co-founded the Korea Finance Society, a non-profit group to advertise Korean monetary execs’ careers on Wall Side road.
The group, which hosts fellowship systems for college kids, monetary mavens lecture collection, mentorship dinners and different systems, has supported greater than 150 Korean younger execs to start out careers at funding banking giants reminiscent of Goldman Sachs, Morgan Stanley, JPMorgan and BofA.
As a known Korean American chief in america, Joo additionally attended Korean President Yoon Suk-yeol’s inauguration rite in Might.
Write to Jun-Ho Cha at [email protected]
Jihyun Kim edited this newsletter.
