Bank of America has announced three senior leadership appointments, with Dean Athanasia and Jim DeMare named as new co-presidents, while Alastair Borthwick will take on the position of executive vice president alongside his current role of chief financial officer (CFO), which he has held for the past four years.
Athanasia first joined Bank of America through its acquisition of FleetBoston Financial in 2004, where he had served as senior vice president of the corporate strategy and development group since 1996. A former JP Morgan Chase executive, Athanasia has most recently held the position of president of regional banking for Bank of America.
Previously serving as president of global markets, DeMare joined Bank of America in 2008, and he is also a member of the bank’s management risk committee and operating committee. Previous experience includes various management and senior trading positions at Citigroup, Salomon Brothers, and Bear Stearns.
Likewise, Borthwick has been with Bank of America since 2005, following 12 years at Goldman Sachs. He has previously led the bank’s commercial banking business and was appointed to the CFO position in September 2021.
In a company notice to the bank’s 213,000-strong workforce, Brian Moynihan, chair and CEO of Bank of America, says the new co-presidents will “work with me to drive broad-ranging, strategic efforts that are central to our long-term performance”.
He says these include “enterprise-wide initiatives focused on increasing market share and returns, leveraging our scale, and managing cost and expense”, alongside the “continued expansion of AI-based tools” and “growth plans for local and global markets”.
Moynihan continues: “With this move, we will further build and deliver our capabilities across the globe. Our management team remains the same, including the business heads who continue to lead and drive their individual areas.”
Source: https://www.fintechfutures.com/
