BofA (BAC) Shakes Up Investment Banking Leadership Amid Tough Environment

Bank of America (NYSE: BAC) is shaking up its investment bank leadership in an effort to gain stronger footing in the sector, according to a memo sent to employees over the weekend.

Leading global corporate investment banking will be Christian Meissner, who currently oversees global banking and markets operations at BofA. Meissner also has experience as an executive at Goldman Sachs (NYSE: GS), Nomura Holdings, and Merril Lynch.

Former co-heads Paul Donofrio and Michael Rubinoff will also take on new roles. Donofrio will assume the position of leading global corporate banking credit and transaction banking, while Rubinoff will become chairman of global corporate banking.

All three of the executives will report to co-chief operating officer Tom Montag, who joined BofA in 2009 with BofA's acquisition of Merrill Lynch.

No comments or official release from BofA yet. Shares are indicated lower early Monday following a downgrade by Goldman Sachs to Neutral, from its previous Buy rating.

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