Vikram Sahu, who leads the global equity research team at Bank of America, is set to become the new country executive for India.
He will succeed Kaku Nakhate, who will have served as the CEO of Indian operations for 15 years by June. This appointment will be contingent upon receiving regulatory approvals.
Sahu is anticipated to move to India in the second quarter of 2025 to take over the management of the bank’s India operations. Nakhate will remain as CEO of BANA India until Sahu obtains the necessary regulatory approvals for the role from the Reserve Bank of India (RBI). BANA India serves as the bank’s regulated entity within the country.
Even though she will be leaving her executive position, Nakhate will continue to work with the organization, concentrating on key client relationships in India.
This leadership transition occurs during a crucial time for Bank of America, as the company emerges from an internal investigation into alleged misconduct related to stock offerings. The inquiry resulted in the exit of three bankers based in India last year, as reported.
Bank of America ranks among the largest financial institutions globally, noted for its extensive presence, diverse services, and substantial assets under management.
The bank has operated in India since 1964.
In the quarter ending December 31, 2024, the bank announced a net income increase to $6.7 billion, equating to 82 cents per share, compared to $3.1 billion, or 35 cents per share, during the same quarter the previous year.
On an adjusted basis, the bank reported earnings of 82 cents per share, exceeding analysts' projections of 77 cents, based on estimates compiled by LSEG.
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These results align with those of other major Wall Street firms like JPMorgan, Goldman Sachs, Wells Fargo, and Citigroup, all of which gained from stronger equity markets and robust investment banking performance. BofA's sales and trading revenue experienced a 10 percent growth, marking the 11th consecutive quarter of year-on-year increases. Equities revenue increased by 6 percent, while revenue from fixed income, currencies, and commodities jumped by 13 percent.