(Bloomberg) -- Bank of America Corp. elevated 105 executives to managing director level across the global corporate and investment banking unit, according to people with knowledge of the matter. 

“The selection process is highly competitive. This promotion recognizes the hard work and commitment of these individuals and introduces them to a new level of leadership, dedication and contribution to our firm,” president of global corporate and investment banking Matthew Koder wrote in a memo announcing the new names, seen by Bloomberg. 

The notice was sent to staff in the business which includes global capital markets, investment banking, corporate banking and transaction services.  

The company named a total of 314 new managing directors in one of the most diverse classes in the bank’s history, Bloomberg reported Thursday. More than half of the promotions were to women or people of color. 

A Bank of America representative declined to comment. 

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