Vikram Sahu steps up as Bank of America’s new India head, to succeed Kaku Nakhate

Bank of America (BofA) is set to appoint Vikram Sahu as its new country executive for India, succeeding Kaku Nakhate, who has led the bank's Indian operations for 15 years. According to a memo reviewed by agencies, Sahu, currently serving as the head of global equity research in New York, will relocate to India in the second quarter to assume leadership of the bank's India franchise.

Nakhate will continue as the CEO of Bank of America NA (BANA) India until the Reserve Bank of India approves Sahu's appointment. Following the transition, she will focus on developing senior client relationships within the India business.

Sahu brings over 25 years of global experience, having held roles in India, Hong Kong, the United States, and Europe. He holds a bachelor's degree from St. Stephen's College, Delhi, and a master's degree from an institution in the United States.

Bank of America reported a significant increase in its fourth-quarter 2024 profits, with net income more than doubling to $6.7 billion compared to the same period in 2023. This growth was driven by a 13% rise in trading revenue to $4.1 billion and a 44% increase in investment banking fees to $1.7 billion, according to a report.

Additionally, loans outstanding grew by 4% to nearly $1.1 trillion, outpacing rivals such as JPMorgan Chase, Citigroup, and Wells Fargo. Consumer spending on debit and credit cards also rose by 5%. The bank anticipates net interest income to increase by up to 8% in 2025, according to a report.