Bank Of America Appoints Executives To Lead New Venture: Report

Bank of America Corporation BAC shares are trading higher on Tuesday. The bank appointed two executives to spearhead a new initiative aimed at integrating its investment banking and wealth management divisions.

The bank targets increased asset growth and deal opportunities, as reported Bloomberg.

Jim Rourke and Michael Liu have been appointed to lead the newly named Private Client Partnership Development.

Read: Bank Of America Makes Largest-Ever Investments In Carbon Capture, Bets $205M On A Cleaner Planet

Brendan Hanley and Sam Kumar, co-heads of emerging growth and regional coverage, stated that Rourke and Liu will focus on sell-side M&A opportunities to "increase the quality of actionable mandates and growth of managed assets,".

This month, the bank announced a bold wage hike, driving its minimum hourly rate to $24 and edging closer to a $25 goal by 2025.

This increase will raise the minimum annual salary for full-time U.S. employees to almost $50,000 and applies to all full-time and part-time hourly roles.

Investors can gain access to the stock via First Trust Nasdaq Bank ETF FTXO and Invesco KBW Bank ETF KBWB.

Price Action: BAC shares are up 0.30% at $39.22 premarket at the last check Tuesday.

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