BAML’s new country CEO

LEADING investment banker Joe Fayyad has been named Australia chief executive for Bank of America Merrill Lynch.

Mr Fayyad will assume the role following the announced departure of current country chief executive Kevin Skelton, while remaining in his existing role as head of investment banking for Australia.

Mr Skelton will become BAML’s Australian chairman in a newly created role and join the BAML Australia advisory board.

Mr Fayyad will report to global senior BAML executives, including Asia Pacific investment banking head Alex To in Hong Kong, and will become a member of the Asia Pacific Committee.

With more than 20 years of investment banking experience in Australia, Mr Fayyad will drive the strategic direction of the bank’s franchise, ensuring an integrated approach is being taken across the platform.

Before being hired by BAML in 2017 as head of investment banking, he worked as a senior banker at Goldman Sachs, where he worked on transformational deals such as the merger between Tatts Group and Tabcorp.

An American, he started his career in Australia working on the second Telstra float. In 2017 he replaced former BAML Australia investment banking boss David Wood.

Mr Fayyad also recently led the Australian team advising Brookfield on its takeover of Healthscope.

In further changes, James Barrett-Lennard will become branch manager of Bank of America N.A Australia in addition to his current role as Australia chief operating officer.