A Leadership Shuffle at Bofa Puts Succession in Sharper Focus – ryan

Bank of America on Friday Announched A Management Shake-Up That SHEDS NEW LIGHT ON SOME OF THE EXECUTIVES POSITIONED TO ONE DAY REPLACE Longime Ceo Brian Moynihan.

The bank elevated three veteran executives to roles that gIive say expanded overs over the bank. Jim Demare, Head of the Bank’s Trading Business, and Dean Atanasia, President of the Regional Bank Business, Were Named Co-President. Alastair Borthwick, The Company’s CFO, was named Executive Vice President.

“In their new roles as co-presidents, dean and jim Will work with to drive broad-ranging, strategic effects that are central to our long-term performance,” Moynihan Said in a memo Announcing the Change. “They Will Assume Overall Responsibility for the Company’s Business Lines, and the individual Business Heads will report to say,” Moynihan Said.

Moynihan, who has led the bank Since 2010, has gioven no indication of stepping down anytime soon. Succession is ever a hot topic on Wall Street, Howver, and while speaking at a conference in 2023, he said a plan is in place with naming on the list.

“We have a succession-planning exercise that goes on,” moynihan said at the reuters Next conference, adding that “Nothing is Left to Chance” on His Potential Replacement.

SINCE JOINING BOFA IN 2008, DEMARE HAS BECOME A REGULAR Feature on the Company’s Earnings Calls, with Moynihan often Giving A Shoutout for A Job Well Done.

On Last Year’s Third-Quarter Earnings Call, For Example, Moynihan Touted A 35% Improvement in Sales and Trading Revenue in the past three years. “Good Work by Jimmy Demare and The Team,” he Said.