Mr Borthwick and Ms Carnoy will be responsible for further building the global footprint of the capital markets business and will share equal responsibility for all parts of the business globally. They will report to global banking and markets president Tom Montag.
Mr Borthwick was formerly head of global investment grade capital markets, a position he held since joining the company in 2005. Ms Carnoy, a 15-year veteran of the company, was most recently head of global equity and equity linked capital markets.
Additionally, Rupert Hume-Kendall has been named as chairman of global capital markets. Mr. Hume-Kendall will work closely with Mr Borthwick and Ms Carnoy, and will report to Andrea Orcel, executive chairman of global banking and markets.
Mr Montag said: “By any measure, our global capital markets business is one of the best in the world, known for providing companies with access to capital in any environment through creative solutions and our deep distribution capabilities. I’m confident that Mr Borthwick and Ms Carnoy and their teams will continue the great work in leading and growing our premier debt and equity capital markets platform.
“Mr Hume-Kendall will partner with client coverage and product teams and apply his considerable talents to provide ideas, innovative solutions, and superior execution to Bank of America Merrill Lynch clients.”
