Bank of America (BAC) has reshaped its leadership bench by promoting three of CEO Brian Moynihan’s closest lieutenants — a move that clarifies who might be in line to run the nation’s second-largest lender when Moynihan eventually steps aside.
The Charlotte-based bank announced late Friday that it has named Dean Athanasia and Jim DeMare as co-presidents and elevated Chief Financial Officer Alastair Borthwick to executive vice president. The promotions instantly put the trio at the front of the pack for one of the most coveted jobs in global banking.
Athanasia, 59, oversees Bank of America’s sprawling U.S. retail and commercial banking operations — the lender’s largest and most profitable business, and the same division Moynihan ran before becoming CEO. DeMare, 56, runs the global markets arm, which has delivered more than three years of steady growth after lagging rivals. Borthwick, 57, has spent the past four years as CFO helping to unwind the drag from a massive securities portfolio and steadily replace lower-yielding assets with higher-return holdings.
“This creates a horse race among three highly respected executives to become the next CEO,” Wells Fargo banking analyst Mike Mayo told Yahoo Finance. “If there is to be a changing of the guard at Bank of America within the next few years, I think it’s one of these three people.”
Moynihan, 65, reiterated in Friday’s announcement that he expects to remain at the helm until the end of the decade. “With the support of our Board, I look forward to working with all of you,” he wrote to staff, emphasizing the bank’s long-term “responsible growth” strategy as it enters its second decade under his leadership.
The promotions underscore just how far Bank of America has come since Moynihan took over in 2010 amid the lender’s post–financial crisis turmoil. Today, he is the longest-serving chief of a major U.S. bank other than JPMorgan Chase’s Jamie Dimon. Under Moynihan’s tenure, Bank of America shares have climbed 279% — a performance that has lagged JPMorgan, Goldman Sachs and Morgan Stanley but outpaced Wells Fargo and Citigroup.
The three executives bring distinct strengths to the table. Athanasia runs a franchise that touches millions of American consumers and small businesses and generates the lion’s share of profits. DeMare’s markets division is on track to post its 14th consecutive quarter of revenue gains this October, according to Borthwick’s remarks at a Barclays conference last week. And Borthwick himself has played a quiet but pivotal role as CFO, steering balance-sheet changes that have boosted returns and lowered risk.
In a note to employees Friday, Moynihan praised their contributions: “Over the last 15 years, Dean and Jim have each served as leaders, strategists, and stewards of growth,” he said. “Alastair has expertly served as our CFO for the last four years.”
While Moynihan has signaled no immediate plans to step down, Friday’s promotions effectively frame the next chapter of leadership at Bank of America — and give Wall Street a clearer view of the three executives most likely to inherit one of the most powerful jobs in finance.
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