Barclays has announced the appointment of Mike Joo and Adeel Khan as co-CEOs for its investment bank division.

Barclays is reorganizing its investment bank, hiring Mike Joo from Bank of America to lead the division, less than three years after its last major overhaul.

Mike Joo, co-head of investment banking at Bank of America, is slated to leave the firm, according to an internal memo. This departure marks a significant change in the bank's leadership.