Bank of America Overhauls Top Management Ranks

Ellison Lynch

Bank of America Corp. BAC -1.61% said Friday it is shaking up its top leadership team, installing new finance, technology and legal chiefs and adding three women to its senior ranks.

The moves amount to the biggest overhaul of senior management in more than a decade, and they make room for a fresh batch of leaders. Two longtime executives announced their retirements last month, and the bank said Friday more executives will move into new roles or retire.

Chief Executive Brian Moynihan, who has spent more than a decade at the helm, informed the board he would like to continue in the top job for years to come, he said in a statement. Still, he has been pressured to elevate rising talent on a leadership team that has been remarkably stable since the bank emerged from the financial crisis years ago.

Mr. Moynihan assembled a group of senior leaders to carry the bank through the last crisis, when financial firms were in the crosshairs of regulators, investors and the public. But the pandemic-induced economic collapse showed that Bank of America and its peers are far sturdier now. In recent years, banks have been posting record earnings.

That has given a number of big banks a chance to test out new leadership. JPMorgan Chase & Co. put two CEO contenders in charge of its consumer operation in May. Morgan Stanley set up a four-way race for the top spot in May. Citigroup Inc.`s new CEO took over earlier this year.

At Bank of America, Alastair Borthwick, who most recently ran commercial banking, will become chief financial officer. He will replace Paul Donofrio, who will focus on sustainable finance.

Aditya Bhasin was named chief technology and information officer, and Tom Scrivener will oversee operations. The two collectively fill the position held by Cathy Bessant, who will be a vice chair of global strategy, based in Europe.

Lauren Mogensen will become general counsel, replacing David Leitch, who is retiring. Ms. Mogensen previously oversaw compliance and operational risk.

Holly O`Neill will run retail banking, and Wendy Stewart will oversee commercial banking.

D. Steve Boland, who previously oversaw retail banking and consumer lending, will be chief administrative officer. He replaces Andrea Smith, who will retire at the end of the year.

Other longtime leaders will stay in place with the same or additional responsibilities. Andy Sieg remains president of Merrill Lynch Wealth Management. Jim DeMare continues to run trading, and Matthew Koder stays atop the investment bank. Dean Athanasia, the president of consumer and small business banking, will also oversee commercial and business banking.


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