Bank of America picks Manelski and Zuberi to run global markets unit, memo shows

By Saeed Azhar and Pritam Biswas (Reuters) -Bank of America promoted Denis Manelski and Soofian Zuberi to become presidents and co-heads of global markets and made several other leadership changes in its trading arm, according to an internal memo seen by Reuters on Friday. The second largest U.S. bank looks to build momentum in sales and trading after 14 consecutive quarters of revenue growth. Manelski has been with the bank since 2004 and most recently served as head of sales for fixed income, currencies and commodities. Zuberi has more than three decades of experience and was head of global equities for the last four years. Bank of America recently promoted Jim DeMare, who led global markets, to the role of co-president of the entire bank, making him one of the potential candidates to succeed CEO Brian Moynihan. BofA's sales and trading revenue grew 9% to $5.4 billion in the third quarter. Trading revenues at major U.S. banks rose in the third quarter of 2025 as ongoing macroeconomic uncertainties and global events drove market volatility. This turbulence led investors to increase hedging of their positions, generating higher activity that benefited trading desks. Other changes to global markets leadership include: • Karen Fang and Sarang Gadkari will lead Global Capital Solutions, a new group serving clients with complex financing needs across public and private markets. They will also retain their existing roles. • Ashok Krishnan appointed head of platforms to drive efficiency and automation, including the rollout of generative AI tools • Matt McQueen will become the head of global FICC Micro, overseeing mortgages and securitized products, municipal banking and global credit • Laura Chepucavage and Carlos Fernandez-Aller named co-heads of global FICC Macro, comprising global financing and futures, global rates, counterparty portfolio management and foreign exchange • Brian Carosielli to serve as head of global markets sales, handling global FICC sales, equities distribution and strategic relationship management • Glenn Koh and Stuart Bourne appointed co-heads of global equities, with Koh leading global equities trading and Bourne leading prime brokerage • Bob Munsey will continue in his current role as head of global markets trading risk and global markets business controls (Reporting by Saeed Azhar in New york and Pritam Biswas in Bengaluru, editing by Lananh Nguyen)

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