The Departure of Bank of America’s APAC Leveraged Capital Markets Co-Head
To co-head or not to co-head has been a significant question in the banking industry recently. Some firms are moving away from joint leadership roles, while others are reconsidering their previous commitments. Bank of America, specifically within its APAC leveraged finance division, seems to have made a definitive decision.
Mike Hobby, who served as the APAC co-head of leveraged finance at Bank of America, recently left the bank to join MUFG in Sydney as the sole head of leveraged capital markets for APAC. Hobby had been with BofA for 14 years, based in Australia. He took on his most recent role in 2023 as part of a larger restructuring of the bank’s leveraged finance team. Prior to his time at BofA, Hobby had experience at RBC and had started his career as a consultant with EY and KPMG.
Following Hobby’s departure, Bhavik Pandya, the other co-head based in Hong Kong, continues to work as the head of South and Southeast Asia DCM for BofA Securities. It remains uncertain whether Pandya will now assume sole responsibility or if the bank will seek a new co-head to replace Hobby. Bank of America has declined to provide further comment on the matter.
The Banking Landscape in APAC
If Pandya does take on sole responsibility, it could reinforce the notion that Hong Kong is currently a favorable location for banking jobs in the APAC region. Hong Kong is experiencing a surge in financial activity, with reports indicating that December is set to be the most successful month for Hong Kong IPOs in four years.
Overall, the departure of Mike Hobby from Bank of America’s APAC leveraged finance division and the potential implications for Bhavik Pandya highlight the dynamic nature of the banking industry in the Asia-Pacific region.
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