Bank of America is planning leadership shaking off the trade head Demare

(Bloomberg) -Bank of America Corp is planning a stir from its senior leadership in a move that narrows the slate of leaders who one day can pass a long-term CEO Brian Moynihan. The discussion involves expanding the role of Jim Demare (56), who operates the trading business of the firm, along with promotions for other senior leaders, according to people with knowledge of the matter. A Bank of America spokesman refused to comment. The move comes at a time when Moynihan, one of the longest CEOs of a big bank, said he wanted to continue in the role at the end of the decade. After he was elevated to the best post in 2010, Moynihan helped lead the firm through the wake of the financial crisis. But 15 years later, he has not yet made an effort to publicly identify the candidates to follow him up, as the bank’s share loses the land for competitors. The bank’s shares have underperformed all its most important peers over the past year. Since the Federal Reserve started its tariff cycle in early 2022, Bank of America has been the worst performer among the half-dozen largest US banks. The firm yielded 34% during that period, while all its most important competitors delivered at least 78%. The last major shaking in the bank’s senior ranks left a key role after the then operating officer Tom Montag left the company. After his exit, Montag joined the board of board of his former employer and rival Goldman Sachs Group Inc. Montag joined, also oversee the entire investment bank, in addition to his role as COO. Since then, these responsibilities have been divided among managers, including Demare and Matthew Coder, who run the trading industry. The firm plans to host an investor day in November, its first in many years. CFO Alastair Borthwick explained the motivation after the long gap at a conference earlier this week. “I think the most important thing from our perspective is that we have the opportunity to close a relative value gap,” Borthwick said. ‘We are not completely satisfied as a management team with where we are now on relative value. We feel as if we have many growth opportunities in the different operating rules. ‘ More stories like these are available on Bloomberg.com © 2025 Bloomberg LP