On Friday, Bank of America unveiled a significant shift within its leadership ranks, a move that not only reshaped its internal management structure but also shed greater clarity on several senior figures who could one day ascend to the role of chief executive officer. At the center of this development were three long-tenured executives whose expanded responsibilities mark them as pivotal players in the institution’s future trajectory, as CEO Brian Moynihan—who has helmed the company for well over a decade—remains an enduring presence at the top.
The changes most prominently featured the elevation of Jim DeMare, head of the bank’s extensive global trading operations, and Dean Athanasia, who oversees the bank’s sprawling regional consumer and business-banking branches. Both were jointly appointed to the newly established roles of co-presidents, granting them sweeping oversight of the organization’s business divisions. In parallel, Alastair Borthwick, the company’s current chief financial officer, received a promotion to executive vice president, a position that grants him a more expansive sphere of influence beyond his financial stewardship.
In a memo circulated to employees announcing these strategic changes, Moynihan emphasized the broader vision behind the appointments. He explained that the two co-presidents, Athanasia and DeMare, would work closely alongside him to advance comprehensive, enterprise-wide initiatives that are essential to sustaining and enhancing Bank of America’s long-term performance. Furthermore, Moynihan clarified that the structure would place overall responsibility for the bank’s diverse business lines into the hands of the two newly elevated leaders. Business unit heads, who oversee crucial segments such as lending, wealth management, and investment banking, will now report directly to them, signifying a deliberate shift in how decisions and accountability will be managed within the upper echelons of leadership.
Despite this redistribution of authority, Moynihan, who assumed the CEO role in 2010 during the aftermath of the global financial crisis, has thus far conveyed no intent to relinquish his position in the near future. Nevertheless, speculation surrounding succession has long been a perennial subject of intrigue throughout Wall Street. Notably, while speaking publicly in 2023 at the Reuters Next conference, Moynihan affirmed that a tightly coordinated succession plan has long been in operation within the company, though he declined to disclose the identities of those whom the plan encompasses. Assuring both investors and employees, he reiterated that the process ensures that “nothing is left to chance” with respect to leadership continuity, underscoring the meticulous level of planning involved in preparing for an eventual transition.
Of the newly promoted executives, Jim DeMare in particular has established himself as a familiar presence during quarterly earnings calls, where Moynihan often recognizes and praises his contributions. Since joining Bank of America in 2008, DeMare has become synonymous with the firm’s trading performance, frequently highlighted for his role in driving growth and operational success. For instance, during the third-quarter earnings call in the previous year, Moynihan cited an impressive 35 percent increase in sales and trading revenues achieved over a three-year span, attributing the achievement directly to DeMare and his team’s execution. The acknowledgment underscored the executive’s visible and influential role within the bank’s broader success.
Taken together, these promotions signal more than an internal reshuffling; they illuminate the deliberate cultivation of the next generation of potential leaders who may ultimately guide Bank of America when Moynihan eventually steps aside. By assigning wider responsibilities to seasoned executives with proven track records, the bank not only showcases its strategic foresight but also reassures markets, employees, and stakeholders that it is carefully orchestrating its future leadership framework with both prudence and long-term vision in mind.
Sourse: https://www.businessinsider.com/bank-of-america-copresidents-james-demare-dean-athanasia-moynihan-succession-2025-9
