Bank of America has assigned three senior bankers — Gregg Nabhan, Jill Schwartz and Ray Wood — to work across its industry coverage groups and deepen relationships with clients in what the lender terms the "AI ecosystem," according to a Bloomberg News report. The three will focus on artificial-intelligence-related companies that may require financing, mergers and acquisitions advice and other products and services. According to Bloomberg, the companies in question span virtually every sector. Bank of America characterised the AI ecosystem as an expanding segment of the economy encompassing hundreds of companies across the supply chain and value chain of artificial-intelligence infrastructure construction.
Nabhan is chair of equity capital markets and was named in 2024 to co-lead the bank's then-new capital markets advisory unit. Schwartz is executive vice chairman of global corporate and investment banking and global head of the financial sponsors group, where she leads coverage of private equity and alternative asset manager clients across M&A, leveraged finance and equity capital markets. Wood is chairman of the global natural resources and energy transition group, leading coverage teams spanning regulated utilities, independent power and clean energy.
BUILDING ON A BROADER AI PUSH
The assignment follows a series of AI-related organisational changes at the lender over the past year. In July, Bank of America named Kevin Milsom head of platforms AI transformation within its global markets group, moved Amy Avery and her Analytics, Modelling & Insights team into the global platforms group, and appointed Sonali Theisen head of the global digital assets platform alongside her existing responsibilities for global FICC e-trading. In March, the bank recruited four senior technology bankers, including Gary Kirkham as executive vice chair of global technology investment banking and Jason Rowe as global co-head of technology investment banking, in an effort to boost its technology dealmaking.
Bank of America has separately committed substantial balance-sheet capacity to the theme, announcing in August a plan to deploy $250 billion into an infrastructure initiative targeting digital infrastructure such as data centres, energy and power, and core infrastructure such as transportation. Internally, the bank has said it plans to allocate $4 billion to new technology capabilities from a technology budget of $13 billion.
PEER APPOINTMENTS
Separately, TD Bank Group announced senior leadership appointments effective 4 September to accelerate execution across technology, strategy and AI, naming Vlad Shpilsky group head, global technology and solutions, and Renu Gupta chief strategy and commercial officer.