Bank of America announced key senior leadership changes as the country’s second-largest bank by asset-size looks to strengthen its global capabilities and enhance support for clients, shareholders and communities.
Brian Moynihan, CEO and chairman for Bank of America, named Dean Athanasia and Jim DeMare as co-presidents and appointed Alastair Borthwick as executive vice president and chief financial officer (CFO) in a Sept. 12 press release.
Athanasia and DeMare will oversee the company’s eight lines of business, driving enterprise-wide initiatives to enhance long-term growth, returns and operational excellence, the company said. The existing business heads will continue in their roles.
Borthwick, who has served as CFO for four years and expanded his responsibilities during that time, will continue to focus on financial strategy, investor relations and global positioning.
“Over the last 15 years, Dean and Jim have each served as leaders, strategists, and stewards of growth,” Moynihan said in the release. “Together, they have nearly 60 years of experience in financial services across every client segment, market, function, and industry. They have designed and driven out full transformations of the businesses under their direct leadership to focus on our clients and their needs; align resources, capabilities, and intensity; compete and gain market share; and deliver long-term, industry-leading results.”
In his continuing role as CFO, Borthwick will advise the company’s financial strategy, capital deployment and global real estate portfolio. During his tenure, he’s helped strengthen the company’s balance sheet and enabled the return of $7.3 billion to shareholders in the second quarter through dividends and share repurchases.
With these leadership changes, Moynihan said he believes Bank of America is positioned to further enhance its capabilities worldwide while maintaining continuity in its management structure.