Bank of America Announces Key Leadership Changes to Drive Global Growth

In their new roles, Athanasia and DeMare will oversee the bank's eight lines of business, which will remain unchanged in their leadership. Their focus will be on implementing company-wide initiatives that promote long-term growth and returns. As they take on these expanded responsibilities, they will work closely with the existing presidents of these business lines, which include notable figures such as Holly O'Neill, Lindsay Hans, and Eric Schimpf, among others.

Moynihan expressed confidence in the new leadership structure, stating, "These leadership appointments will drive our efforts to build and deliver Bank of America's capabilities across the globe." He emphasized the extensive experience Athanasia and DeMare bring to the table, highlighting their combined 60 years in financial services across various client segments and markets.

The leadership changes come at a crucial time as Bank of America continues to focus on its principles of Responsible Growth. Moynihan reiterated the bank's commitment to growing sustainably while prioritizing client needs and adhering to a robust risk framework. The newly appointed Co-Presidents will spearhead initiatives aimed at increasing market share, enhancing the bank's operational excellence, and further integrating artificial intelligence tools into client services.

In his communication to employees, Moynihan outlined the strategic objectives that Athanasia and DeMare will pursue, which include:

Alastair Borthwick, who has served as CFO for the past four years, is now tasked with additional responsibilities that include managing the bank’s global real estate portfolio. Moynihan praised Borthwick's financial stewardship, noting that under his leadership, Bank of America has strengthened its balance sheet and strategically deployed capital to key growth areas.

Borthwick's tenure has been marked by significant achievements, including returning $7.3 billion to shareholders through dividends and share repurchases in the second quarter of 2025. His continued collaboration with the Management Team and the business line leaders is expected to enhance the strategic positioning of Bank of America in the eyes of global investors.

Moynihan highlighted the impressive track record of both Athanasia and DeMare in their previous roles. Under Athanasia's leadership, Bank of America has reported 26 consecutive quarters of net checking account growth and a 32% increase in deposits since 2019. Meanwhile, DeMare has overseen 13 consecutive quarters of year-over-year growth in sales and trading, a feat that remains unmatched in the industry.

These accomplishments have not gone unnoticed, as Bank of America has received accolades such as the World's Best Bank for Markets and Trade Finance by Euromoney, and the Best Consumer Digital Bank by Global Finance. Such recognition underscores the bank's commitment to service excellence and innovation.

With these strategic leadership appointments, Bank of America is poised to enhance its competitive edge in the financial services sector. The new leadership team, backed by Moynihan's vision and the support of 213,000 teammates, is expected to drive the bank’s Responsible Growth strategy into its second decade, ensuring that it continues to meet the evolving needs of clients and stakeholders around the world.