TLDR
- Bank of America reshapes leadership, names Co-Presidents to drive growth
- Leadership shake-up at BofA: Athanasia, DeMare take top co-president roles
- BofA unveils leadership changes to strengthen global execution strategy
- Moynihan appoints Athanasia & DeMare Co-Presidents for streamlined growth
- Bank of America boosts leadership team, expands CFO Borthwick’s role
Bank of America(BAC) shares closed at $50.58, declining 0.33% during regular hours, with after-hours trading slightly lower at $50.56.
The movement followed the company’s announcement of major leadership changes intended to drive global business execution. These adjustments align with the company’s multi-year growth framework and strategic commitment to long-term shareholder returns.
Chair and CEO Brian Moynihan appointed Dean Athanasia and Jim DeMare as Co-Presidents to accelerate company-wide initiatives. Both executives will lead across the eight business lines, maintaining continuity in leadership while steering future growth. Their new roles consolidate decision-making across commercial banking, markets, and retail operations for increased efficiency.
Alastair Borthwick, who has served as CFO since 2021, retains his title but now steps into a broader executive function. His new mandate includes strengthening investor relations and expanding financial strategy oversight globally. The appointments follow a period of stable management and support Bank of America’s long-standing Responsible Growth strategy.
Athanasia and DeMare to Co-Lead Business Divisions
Dean Athanasia and Jim DeMare bring a combined 60 years of industry experience across retail, commercial, and institutional banking. Their joint leadership aims to simplify operations and improve performance consistency across all customer segments. They are expected to oversee execution on global business lines with renewed operational focus.
Athanasia has managed the consumer and small business division, leading transformations in digital banking and customer experience. DeMare has spearheaded global markets and has a track record of delivering consistent growth under changing economic conditions. Their pairing suggests a move to unify strategic direction across business functions while driving execution at scale.
Together, they will support Moynihan’s enterprise goals, ensuring sharper alignment between client needs, market positioning, and long-term profitability. By centralizing strategic oversight under two experienced leaders, Bank of America seeks to enhance decision speed and resource allocation. Their collaboration will be key to maintaining momentum in an increasingly competitive landscape.
Borthwick Expands CFO Role with Strategic Focus
Alastair Borthwick continues as CFO but with added strategic and investor engagement responsibilities across the enterprise. Over four years, he has helped solidify the company’s financial foundation and improve capital efficiency. Now, his remit includes broader leadership visibility and capital market strategy alignment.
As CFO, he has supported major investments and balance sheet improvements, positioning the company for stability and growth. His enhanced role ensures financial discipline remains central to decision-making amid global market uncertainties. Bank of America signals confidence in his leadership by expanding his influence within the top executive ranks.
The leadership changes come at a pivotal time as the firm prepares for the next phase of its global strategy. With 213,000 employees and a renewed executive structure, Bank of America underscores its intent to build further on its Responsible Growth initiative. The management team remains otherwise unchanged, indicating a stable transition as new responsibilities are assigned.
