Bank of America to appoint new India head after CEO Kaku Nakhate steps down

Bank of America Corp is set to undergo a leadership transition in its India operations, with Kaku Nakhate stepping down from her role as the country executive after 15 years at the helm.

By Connect Gujarat Desk 24 Mar 2025 in Business News

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Bank of America to appoint new India head after CEO Kaku Nakhate steps down

According to an internal memo, Vikram Sahu, currently head of global equity research in New York, has been appointed as her successor.

Sahu is expected to relocate to India in the second quarter of 2025 to take charge of the bank’s India franchise.

Nakhate will continue to serve as CEO of BANA India until Sahu receives regulatory approvals for the position from the Reserve Bank of India (RBI). BANA India is the bank’s regulated entity in the country।

Despite stepping down from her executive role, Nakhate will remain with the firm, focusing on senior client relationships in India, the memo stated.

The leadership change comes at a pivotal time for Bank of America, as the firm moves forward from an internal probe into alleged misconduct involving stock offerings.

The investigation led to the departure of three India-based bankers last year, according to reports by Bloomberg.

Bank of America is one of the world's largest financial institutions, in terms of it global presence, range of services, and assets under management. The bank has had a presence in India since 1964.

In the quarter that ended on December 31, 2024, the bank reported that its net income climbed to $6.7 billion, or 82 cents per share, compared to $3.1 billion, or 35 cents per share, during the same period last year.

On an adjusted basis, the bank earned 82 cents per share, surpassing analysts' expectations of 77 cents, according to estimates compiled by LSEG.

The results mirror those of other Wall Street giants like JPMorgan, Goldman Sachs, Wells Fargo, and Citigroup, all of which benefited from stronger equity markets and investment banking performance.

BofA's sales and trading revenue saw a 10 per cent rise, marking the 11th consecutive quarter of year-on-year growth.

Equities revenue rose 6 per cent, while fixed income, currencies, and commodities surged 13 per cent.

#business activity #Business #CEO Kaku Nakhate #India #Business news #Bank of America

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