Bank of America announced senior leadership changes to position the company for long-term success, while continuing to deliver for clients, communities and shareholders.
The company is adding five new members, including three women, to the senior management team, further strengthening diversity at the most senior levels of the company. When all of the changes are complete, Bank of America’s senior management team will include individuals with an average of 21 years of service in the company and 31 years in the financial services industry, with increased global and international expertise; and more diversity of gender and race than ever before in the company’s history.
“These changes position the company with highly energized leaders who are committed to driving responsible growth through its second decade – delivering for our clients, communities and shareholders and addressing major societal issues,” Brian Moynihan, chairman and CEO, said. “As I shared with our board of directors, it will continue to be my privilege to serve with them as CEO as we drive responsible growth through its second decade.”
Andy Sieg, president of Merrill Lynch wealth management and Katy Knox, president of Bank of America Private Bank will continue in their current roles.
Jim DeMare, president of global markets will continue to lead the business, inclusive of equity and fixed income sales and trading and client coverage on a global basis, as well as global commercial real estate. He will also continue to serve on the sustainable markets committee.
Matthew Koder, president of global corporate and investment banking will continue to lead the business, inclusive of global transaction services. Purna Saggurti will become a vice chair of the bank, reporting to Koder and will continue to work with Moynihan on the global advisory council.
Bernie Mensah, president of International and CEO of Merrill Lynch International will lead business efforts across the United Kingdom, the European Union, Central and Eastern Europe, Middle East, Africa, Asia Pacific and Latin America. Working closely with Bank of America’s global and regional senior management teams and country executives, Menash is responsible for the leadership and execution of key priorities in more than 35 countries.
Raul Anaya, president of business banking and Aron Levine, president of preferred banking continue in their current roles and will report to Dean Athanasia.
Holly O’Neill was appointed president of retail banking, reporting to Athanasia and joined the management team. Holly has most recently been chief client care executive and head of consumer client services, including oversight of all client contact centers in the company. She was also chief operating officer in Bank of America’s wealth management businesses and joined the bank in 1996.
Wendy Stewart was appointed president of global commercial banking, reporting to Athanasia and joined the management team. Wendy is also president of Atlanta for the company. She most recently was co-head of global commercial banking in the southeast and head of wholesale credit strategy. She joined Bank of America in 1996, working in the consumer and commercial businesses.
Additionally, Sanaz Zaimi, head of fixed income, currencies and commodities sales, CEO of BofA Securities Europe SA (BofASE) and country executive for France will leave the bank to pursue other interests. During her 12 years at Bank of America, Zaimi has successfully led the Global FICC Sales organization by building the franchise and developing key client relationships globally. In addition, she was instrumental in the establishment of the new EU investment firm, BofASE, and the build-out of the firm’s new EU sales and trading hub in Paris to ensure it could effectively service its clients post-Brexit. Zaimi will transition through the end of the year, working with her team to ensure a seamless handover.
Cathy Bessant will become vice chair, global strategy working with Bank of America’s European boards and focused on our global integrated strategy, governance and client and regulator engagement. Bessant has worked as Bank of America’s chief technology and operations officer for more than 12 years and previously led multiple business lines, staff support areas and regions since joining the company in 1982.
Aditya Bhasin was named chief technology and information officer. Aditya will be responsible for designing and delivering technology solutions for all lines of business, staff support areas and the broader enterprise and will also oversee global information security, technology infrastructure, independent technical assessment and global business services.
Tom Scrivener has been named chief operations executive. Scrivener will be responsible for delivering integrated operations solutions for all lines of business, staff support areas and the broader enterprise including operations teams in Bank of America’s global regions. He will also continue to oversee Bank of America’s Paycheck Protection Program (PPP) Forgiveness effort. Previously, Scrivener was head of consumer, small business and wealth operations. He has also led global real estate services, comprehensive capital analysis and review (CCAR), and operational excellence efforts, and has overseen major operations for nearly 20 years since joining Bank of America through the acquisition of Balboa Insurance.
Paul Donofrio will become vice chair, and will oversee sustainable finance and chair Bank of America’s sustainable markets committee. In this role, Donofrio will steward Bank of America’s efforts in support of its $1.5 trillion sustainable finance commitment, including oversight of our investments in minority depository institutions and private equity funds through our $1.25 billion commitment to racial equality and economic opportunity, as well as investments made through our $1 trillion environmental business initiative. He and his team will execute this work in partnership with all of lines of business.
Alastair Borthwick was named chief financial officer, effective in the fourth quarter. He will also continue as a vice chair of Bank of America’s global diversity & inclusion council. Borthwick has most recently been president of global commercial banking for nine years and previously was co-head of global capital markets with responsibility for equity capital markets, investment grade debt capital markets, leveraged finance, and global origination for rates & currencies. Alastair joined the company in 2005 as head of global investment grade debt capital markets and spent the prior 12 years at Goldman Sachs.
Lauren Mogensen will become global general counsel for the company, succeeding David Leitch at the end of this year. Mogensen has most recently been head of global compliance & operational risk, working directly with global regulators and supervisory institutions, governance committees, and the board of directors. Previously, she was deputy general counsel and legal executive for more than a decade in several areas of the company including as corporate secretary, and earlier was a leader in risk, finance and corporate strategy. She joined the bank in 2001, having previously been a partner and member of the executive committee of a major law firm.
Andrea Smith joined Bank of America nearly 34 years ago and her exceptional career has spanned from her first role in technology to global head of global human resources and to her most recent role as our chief administrative officer. Smith will retire at the end of this year.
D. Steve Boland has been named chief administrative officer, overseeing local markets including all Bank of America market presidents and teams, public policy, environment, social and governance efforts, corporate and internal communications, external communications, global sports sponsorships, corporate security, and other related functions. He will also continue as a vice chair of the global diversity & inclusion council. Boland has most recently been president of retail banking and head of the community bank and consumer lending, and earlier was head of consumer lending and home loans. He joined the company in 1995.
Athanasia will maintain his current responsibilities and assume additional responsibility for oversight of global commercial banking and business banking, as president of regional banking. Athanasia joined the company in 1996, and since that time has held senior, increasing leadership roles across consumer, preferred, small business, corporate lending, corporate strategy, and technology. David Tyrie, reporting to Athanasia, will become chief digital officer and will also add global marketing to his responsibilities. Athanasia has most recently served as head of digital banking. Sharon Miller will continue to lead small business and take on additional responsibilities to include specialty and auto lending.
