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BofA hires Citigroup exec

Bank of America, the US's second largest bank, has announced that it has hired Citigroup's Lewis Warran as new deputy head of its global investment business as part of efforts to expand its investment banking activities worldwide.

Mr Warren, formerly the head of Citigroup's business development for global transaction services division, will now take a senior role in Bank of America's global investment banking business, as part of Banc of America Securities.

Commenting on the hiring, Brian Brille, global head of investment banking at Bank of America said that Mr Warren's experience would be a crucial factor in the bank's efforts to strengthen its position in the investment banking world.

"We are delighted to welcome Lewis to the team and are enthusiastic about the strong combination of transactional and management expertise he brings," Mr Brille said.

"He will play a critical role as we continue strengthening [our] competitive position in the industry and delivering innovative solutions for our clients."

The move comes as Bank of America pour in an estimated $675 million in order to expand its investment banking operations in the hope of competing more effectively with its global rivals.