Bank of America’s new-look management team
Bank of America (BoA) has recruited five new senior executives, including three women, to strengthen the diversity and knowledge base of its management team.
The additions are part of a series of changes to help manage retirements and upcoming departures and were outlined in a letter to staff from CEO Brian Moynihan on Friday.
“Our leadership team will include people in the future with many years of exceptional leadership in our company and industry, increased global and international expertise, and greater gender and racial diversity than ever before in our history.” Moynihan said.
“The leaders who take on new and expanded roles within the team have deep and broad experience in different fields, while also strongly sharing a commitment to lead our business and responsible growth throughout its second decade. “
Alastair Borthwick has been appointed CFO as of the fourth quarter of this year, replacing Paul Donofrio, who will become vice president of the company and lead its sustainable markets committee.
Borthwick has headed the bank’s global commercial banking services for nine years and is also vice chairman of the BoA’s Global Diversity & Inclusion Council. He joined the company in 2005 as Head of Global Investment Grade Debt Markets.
Donofrio has been CFO for over six years, but wanted “Contribute to our organization in new ways”, said CEO Moynihan. In his new role, Donofrio “Lead our efforts in support of our $ 1.5 trillion commitment to sustainable finance,” Moynihan added.
Chief Technology and Operations Officer Cathy Bessant will become Vice President of Global Strategy, based in Paris, France, and will work closely with the boards of BoA’s European subsidiaries.
Her current role will be split in two, with Aditya Bhasin appointed CIO and CIO, responsible for designing and delivering technology solutions for all lines of business.
He was previously CIO and CTO for BoA’s consumer, small business, wealth management and employee technology lines.
At the same time, Tom Scrivener has been appointed COO. In this role, he will oversee the delivery of “Integrated operating solutions for all business sectors”, as well as continuing to oversee the loan remission work of the bank’s paycheck protection program.
Meanwhile, Matthew Koder, currently chairman of the global corporate and investment bank, will continue in his role with additional responsibilities for global transaction services, which he will replace with COO Thomas Montag, who will be leaving BoA at the end of this year.
Holly O’Neill, previously Director of Customer Service and Head of Consumer Services, has been appointed President of Retail Banking, while Wendy Stewart is the new President of Global Commercial Bank. She was previously co-head of this department and responsible for the wholesale credit strategy.
Among the departures are Sanaz Zaimi, head of bond, currency and commodity sales as well as CEO of BoA Securities Europe and country director for France. She plans to leave at the end of this year “to pursue other interests”, Moynihan said.
Additionally, Global General Counsel David Leitch is due to retire in 2022 after six years in the post. He was replaced by Lauren Mogensen, and served as Vice President until his departure.
Mogensen was previously Head of Global Compliance and Operational Risk at BoA and worked for the bank for over 10 years in various legal and risk roles.
Andrea Smith is also expected to retire from her post as chief administrative officer at the end of 2021 after 34 years at Bank of America. She plans to set up and chair a new Bank of America Alumni Council “Focused on connecting and engaging retirees and former employees of the company as customers, advocates and community leaders.”
Smith is to be replaced by Steve Boland as administrative director.
In a statement, the bank said: “When all of the changes are complete, Bank of America’s leadership team will include individuals with an average of 21 years in the business and 31 years in the financial services industry, with increased global and international expertise; and more gender and racial diversity than ever before in the company’s history.