The company has appointed new finance, technology, legal and administrative heads and promoted three women to its senior management ranks
Bank of America has hired new finance, technology, legal and administrative heads and promoted three women to senior management roles as part of a broader shift to its leadership team.
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according to a Letter Sent to staff on Friday, Alistair Borthwick, Bank of America’s president of global commercial banking, will take over as chief financial officer in the fourth quarter, replacing current CFO Paul Donofrio.
Borthwick, who previously served as the company’s co-head of global capital markets, will continue as vice president of Bank of America’s Global Diversity and Inclusion Council. Donofrio will become a vice president, overseeing Sustainable Finance and Bank of America’s Sustainable Markets Committee.
Meanwhile, Bank of America’s head of global compliance and operational risk, Lauren Mogenson, global general counsel David Licht and president of retail banking and community bank and head of consumer credit, D. Steve Boland will replace Chief Administrative Officer Andrea Smith.
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In addition, Holly O’Neill, Wendy Stewart and Kathy Besant have been promoted to Bank of America’s President of Retail Banking, President of Global Commercial Banking, and Vice President of Global Strategy, respectively.
O’Neill, who joined Bank of America in 1996, currently serves as Chief Customer Care Executive and Head of Consumer Customer Services, overseeing all of the company’s customer contact centers. He previously served as the Chief Operating Officer of the company’s wealth management business.
Stewart, president of Bank of America Atlanta, most recently served as Co-Head of Global Commercial Banking at Southwest and Head of Wholesale Lending Strategy. She also joined the bank in 1996, working in the consumer and commercial businesses.
Besant, who joined Bank of America in 1992, has served as Chief Technology and Operations Officer for more than 12 years and has previously led multiple business lines, staff support areas and sectors. Stepping into the role of CTO, Chief Information Officer will be Aditya Bhasin, while Tom Scrivener has been named Chief Operating Executive.
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Bank of America President and CEO Brian Moynihan said the changes “position the company with highly energetic leaders who are committed to driving responsible growth through its second decade – delivering for our customers, communities and shareholders.” , and addressing major social issues.”
“As I share with our board of directors, it will be my privilege to work with him as CEO as we drive responsible growth through its second decade,” Moynihan said.
Other leaders from Bank of America, including Andy Sieg, President of Merrill Lynch Wealth Management, Jim Demare, President of Global Markets, Matthew Koder, President of Global Corporate and Investment Banking, and Dean Athanasia, President of Consumer and Small Business Banking, remained in their roles. Will stay Athanasiya will assume additional responsibility, overseeing commercial and commercial banking.