Bank of America Reshuffle: Who’s in Line to be the Next CEO?

Brian Moynihan, who has been CEO at Bank of America since 2010, isn’t stepping down. 

In fact, the man who introduced the bank’s Responsible Growth strategy in 2014 and has subsequently led its customer-focused and sustainable evolution, has explicitly stated his intention to stay in the role through the end of the decade.

But that hasn’t stopped speculation that the recent leadership team reshuffle he announced in a letter to staff is a firm step in the direction of succession planning. 

In the 12 September update 65-year-old Brian named Dean Athanasia and Jim DeMare as Co-Presidents of Bank of America. Alastair Borthwick will serve as Executive Vice President and Chief Financial Officer. 

“These leadership appointments will drive our efforts to build and deliver Bank of America’s capabilities across the globe,” he said.

“With this move, we will further build and deliver our capabilities across the globe. My focus as Chair and CEO of the company remains the same.”

New co-president appointments

Under the changes, Dean and Jim will drive company-wide initiatives focused on long-term growth and returns, and oversee Bank of America’s eight lines of business and their leaders. 

The move supports the ongoing delivery of Responsible Growth that Brian kick-started in the early 2010s.  

The strategic framework is made up of four principles that guide how the financial firm grows, competes and operates. It is growth-focused, built on robust risk management and centred around client centricity and sustainable business.

Both Dean and Jim have held long tenures at the bank, working across some of its most important areas. 

Dean has headed up its Regional Banking division for close to 30 years, while Jim previously served as President of Global Markets prior to the new round of appointments. 

“Over the last 15 years, Dean and Jim have each served as leaders, strategists and stewards of growth,” said Brian. “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.”

He told staff the pair will be tasked with accelerating growth plans, shaping strategic investments for clients and developing future talent. 

This includes the continued expansion of AI-based tools and innovation for clients, growth plans for local and global markets; and strengthening operational excellence.

Expanding CFO remit

Alastair has been CFO at the bank for nearly four years, during which time he has played a key role in the organisation’s progress. 

“Through his tenure, we have strengthened every major aspect of our balance sheet, strategically deployed capital to key growth and investment areas, driven expense management, and in the second quarter of this year returned US$7.3bn to shareholders through common stock dividends and share repurchases,” Brian shared. 

His additional title of Executive Vice President will expand his current efforts, including serving as a strategic advisor to the bank’s management team and board of directors and overseeing its global real estate portfolio.

Bank of America

Outlining the changes to the banks team, Brian explained: “Our company continues to focus on serving our individual, corporate and institutional clients through the tenets of Responsible Growth: we must grow and win in the market through our customer-driven strategy, within our risk framework and in a sustainable manner.”

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations. 

Its range of services and products cover banking, investing, asset management and other financial and risk management sectors. These are used in more than 35 countries.

Discussing the announcement with Yahoo Finance, Wells Fargo banking analyst Mike Mayo said: “This creates a horse race among three highly respected executives to become the next CEO. 

“If there is to be a changing of the guard at Bank of America within the next few years, I think it's one of these three people.”