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BofA Names Mike Joo to New Banking Place

BofA Names Mike Joo to New Banking Place

Financial institution of America has named Mike Joo as North American head of its world company and funding banking (GCIB) group, which is a brand new position, Bloomberg wrote Monday (Sept. 12).

Joo can also be the chief working officer of worldwide company and funding banking, and he’ll do the brand new job alongside his present one, in accordance with Matthew Koder, president of GCIB, in a employees memo.

“Our capacity to ship holistic options throughout company and funding banking has been a key benefit for us in driving market share, and in immediately’s setting it’s critical that we proceed to associate and join throughout all of our traces of enterprise,” Koder stated within the memo.

Joo has labored at Financial institution of America since 2006 at varied jobs, together with COO for world markets, head of worldwide charges and currencies options, and head of Asia debt capital markets.

Koder stated that Joo had “in depth expertise” with Financial institution of America, which can assist him “totally make the most of your complete Financial institution of America platform, together with the market presidents, to leverage our expansive community and capabilities to deepen and broaden consumer relationships.”

Joo shall be working with numerous enterprise heads on capital markets, company banking, funding banking and world transaction providers.

Financial institution of America has additionally just lately debuted an reasonably priced mortgage resolution for first-time homebuyers within the Black and Latino communities, PYMNTS wrote.

Learn extra: BofA Debuts Minority Homebuyer Program in 5 Cities

This system will contain zero down cost and nil closing prices. It is going to be accessible in “designated markets, together with sure Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami.”

This system will make use of credit score tips primarily based on metrics reminiscent of well timed funds on hire, utility payments, cellphone, and auto insurance coverage. It gained’t rely mortgage insurance coverage or minimal credit score rating. Eligibility shall be primarily based on revenue and residential location. Financial institution of America stated potential consumers should full a homebuyer certification course earlier than they apply.

BofA Names Mike Joo to New Banking Place

New PYMNTS Examine: How Shoppers Use Digital Banks

A PYMNTS survey of two,124 US shoppers reveals that whereas two-thirds of shoppers have used FinTechs for some side of banking providers, simply 9.3% name them their major financial institution.

We’re at all times looking out for alternatives to associate with innovators and disruptors.

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