Banking

Bank of America names Murphy capital markets head

Bank of America promoted A.J. Murphy to head global capital markets, succeeding Jim Probert, who’s leaving after two years in the job and more than two decades at the firm.

Murphy, 40, who was co-head of global leveraged finance, will report to investment-banking chief Christian Meissner, according to a staff memo from Meissner. John Yiannacopoulos, a bank spokesman, confirmed the contents of the memo obtained Monday by Bloomberg.

Murphy will oversee the bank’s debt and equity underwriting, which generated $4.27 billion in revenue last year, according to data compiled by Bloomberg Intelligence. Bank of America ranked second behind JPMorgan Chase & Co. in revenue earned from fixed-income underwriting and fourth in equity underwriting in 2015, the data show.

She rejoined Charlotte-based Bank of America in 2015 after one year at Goldman Sachs Group, where she was a partner. Her 2014 move to Goldman was notable because Bank of America denied her the paid gardening leave of three to six months that employers typically provide to keep bankers from working for a rival on active deals, according to a column William D. Cohan wrote that year for Bloomberg View.

Sarang Gadkari, formerly head of Americas leveraged finance, and Kevin Sherlock, who helped oversee leveraged finance capital markets, were named to run global leveraged finance, reporting to Murphy, according to the memo.

Probert, 51, is leaving after 22 years at the company, the bank said. “He has led a number of transformative deals and has helped build our global capital markets franchise into a world leading platform,” Meissner, 46, said in the memo.

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