New York, USA – Bank of America (BofA) has promoted Denis Manelski and Soofian Zuberi to serve as presidents and co-heads of the bank’s global markets division, according to an internal memo obtained by Reuters. The appointments are part of a broader reshuffle in BofA’s sales and trading operations, aimed at capitalizing on 14 consecutive quarters of revenue growth.

Manelski, a Bank of America veteran since 2004, previously led sales for fixed income, currencies, and commodities, while Zuberi brings over 30 years of experience and most recently served as head of global equities for four years.

“The promotions reflect the bank’s strategy to build momentum in its global markets division amid rising trading volumes and investor hedging activity,” the memo noted.

Driving Growth in Sales and Trading

Bank of America recently saw sales and trading revenue grow 9% to $5.4 billion in Q3 2025, benefiting from market volatility driven by macroeconomic uncertainty and global events. Higher trading volumes, particularly in hedging and risk management, have bolstered the performance of BofA’s trading desks.

The leadership changes follow the promotion of Jim DeMare, former head of global markets, to co-president of the entire bank, positioning him as a potential candidate to succeed CEO Brian Moynihan in the future.

Other Key Leadership Updates in BofA Global Markets

The bank also announced several other appointments in its global markets and trading divisions:

• Karen Fang and Sarang Gadkari will lead the new Global Capital Solutions group, supporting clients with complex financing needs in public and private markets while retaining existing roles.
• Ashok Krishnan appointed head of platforms, focusing on automation and efficiency, including implementing generative AI tools.
• Matt McQueen named head of global FICC Micro, overseeing mortgages, securitized products, municipal banking, and global credit.
• Laura Chepucavage and Carlos Fernandez-Aller to serve as co-heads of global FICC Macro, covering global financing and futures, rates, counterparty portfolio management, and foreign exchange.
• Brian Carosielli named head of global markets sales, managing FICC sales, equities distribution, and strategic relationships.
• Glenn Koh and Stuart Bourne appointed co-heads of global equities, with Koh leading equities trading and Bourne overseeing prime brokerage.
• Bob Munsey continues as head of global markets trading risk and business controls.

Outlook for Bank of America’s Global Markets

These appointments aim to strengthen BofA’s competitive positioning in sales and trading, leverage technology and AI-driven solutions, and support growth across fixed income, currencies, commodities, and equities markets. Analysts note that the changes signal a continued focus on innovation, client services, and operational efficiency in a fast-evolving financial landscape.