The new post-holder, who previously worked as the European CRO for UBS, will take on the role from the start of October and will be responsible for leading the firmâs risk strategy within the territory.
Mr Oman will liaise directly with regional regulators such as the Financial Services Authority in the UK as well as managing the firmâs counterparty risk strategy in EMEA.
Bruce Thompson, chief risk officer at Bank of America, said: "As we strengthen our international risk strategy, it is critical that we have strong regional leadership.
"David's background and wealth of experience broadens the capabilities of our international risk management team and make him a great fit. I am delighted that he is joining our company."
Most recently Mr Oman held the positions of global head of Counterparty Credit Risk and European CRO at UBS.
Meanwhile, the financial institution also announced the appointment of Mark Rosen as head and managing director of its Latin America financial institutions group and investment bank.
By Jim Ottewill