Bank of America names two co-presidents in leadership reshuffle

Bank of America Corp. (NYSE: BAC) announced senior leadership changes, naming Dean Athanasia and Jim DeMare as co-presidents and appointing Alastair Borthwick as executive vice president and chief financial officer.

Chair and CEO Brian Moynihan said the co-presidents will drive company-wide initiatives focused on long-term growth and returns while overseeing the bank's eight lines of business. The business line leaders remain unchanged in their positions.

Athanasia and DeMare will work with Moynihan on enterprise-wide initiatives including market share expansion, artificial intelligence-based tools development, and operational excellence efforts. They will assume overall responsibility for the company's business lines, with individual business heads reporting to them.

Borthwick has served as the company's CFO for four years and will continue in that role while taking on additional responsibilities. During his tenure as CFO, the bank returned $7.3 billion to shareholders through dividends and share repurchases in the second quarter.

Athanasia previously led consumer banking operations that reported 26 consecutive quarters of net checking account growth and deposits up approximately 32% from 2019 through the most recent quarter. DeMare oversaw trading operations that posted 13 consecutive quarters of year-over-year growth in sales and trading.

The appointments are part of what Moynihan described as the bank's "Responsible Growth" strategy, which focuses on growing market share within the company's risk framework. Bank of America serves approximately 69 million consumer and small business clients through about 3,700 retail financial centers and 15,000 ATMs.

The management team structure remains otherwise unchanged under Moynihan's leadership. The bank employs 213,000 people and operates across the United States and more than 35 countries.

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