Bank of America Corp. (BAC) assigned Craig Coben and Mary Ann Deignan to assist in heading the global equity capital markets regardless of the cross-border initial public offerings (IPOs) later this year.
Coben is the head of equity capital markets in the Middle East, Europe, and Africa. He declared that overseeing its previous ECM will still be his task through a memo Job Yiannacopoulos of Bank of America confirmed. Deignan is the head of equity capital markets in Americas.
Coben and Deignan will take over Dan Cummings’ tasks, who left the global ECM three years ago to run the organization’s international wealth management unit. Deignan’s job will be arrogated by J.D. Moriarty, who presently heads the technology ECM.
New assignment of heads may be deemed necessary since the IPOs of companies in just a country doubled during the first half of the year (a raise of $25.7 billion). This data has been approved by Baker & McKenzie LLP, Bank of America (Charlotte, North Carolina-based). The six-month raise was led by IPO of JD.com Inc. (Chinese e-commerce company), which held a value of $2 billion in May. This was then declared as U.S. biggest cross-border listing.
Bloomberg News confirmed all this after acquiring the internal memo from Bank of America Corp.