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BofA hires Citi investment banker to co-head division on emerging companies

Bank of America Corp. named Samardh Kumar to co-head a division focusing on emerging private companies, effective in November, Bloomberg News reported, citing an internal memo confirmed by a BofA spokesperson.

Kumar was most recently Citigroup Inc.'s head of North American internet investment banking and co-head of global software, according to the report. He also previously worked on digital media and internet deals for Deutsche Bank AG.

BofA formed the division in July to increase coverage on younger and smaller companies, offering services in wealth management and commercial banking, Bloomberg reported, citing a company memo released in July.