Bank of America Merrill Lynch has named global leveraged finance head A.J. Murphy its new head of global capital markets.
Murphy will be replacing Jim Probert, who is retiring, according to an internal memo written by Christian Meissner, head of global corporate & investment banking. The memo was sent to Fortune by a BAML spokesperson. Murphy will oversee both the bank’s debt and equity capital markets business, which brought in $1.4 billion and $985 billion in revenues in 2015, respectively, reports Business Insider.
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According to the memo, Murphy will report directly to Meissner. Sarang Gadkari, formerly head of Americas leveraged finance, and Kevin Sherlock, formerly co-head of leveraged finance capital markets, have been named co-heads of global leveraged finance and will report to Murphy.
Murphy is one of few women in U.S. banks’ senior leadership teams. Women make up just 25% of senior leadership at competitors like J.P. Morgan Chase (JPM), 23% at Citi (C), and 21% at Goldman Sachs (GS).
And those numbers get much smaller when you get to the C-Suite: KeyCorp CEO Beth Mooney (KEY) is the only woman to head a top 20 U.S.-based commercial bank.
A spokesperson for the bank said that BAML does not break out gender numbers by business or region, but that there are a number of women in leadership roles, including Candace Browning, head of global research, and Katy Knox, head of business banking.
