Bank of America named a new chief financial officer last week and handed extra tasks to two of its investment bank executives as Tom Montag, long-serving unit chief, retires.
According to the board’s decisions that affect a great portion of the company’s upper management, Alastair Borthwick, the current president of global commercial banking, will replace Paul Donofrio, current CFO the following quarter.
On the other hand, Tom Montag, who has been leading the bank’s investment section ever since the aftermath of the financial crisis and stock market crash of 2008 (during which 60,000 businesses filed for bankruptcy in 2009) is stepping down at the end of the year. Currently, he has no definitive replacement. What is planned to happen is that Jim DeMare and Matthew Koder, head of global markets and head of corporate and investment bank, take over his duties.
In addition, Sanaz Zaimi, leader of fixed income, currencies, and commodities, who is also chief executive of BofA Securities Europe, will be stepping down after 12-years of service.
As a part of the sweeping changes, the chief technology, and operations manager Cathy Bessant will move to Europe to fulfill the position of vice-chair.
As Brian Moynihan, CEO of the bank said, these changes aim to revitalize the company with energized leaders who will aim to drive responsible and sustainable growth in the future while delivering results to clients and shareholders alike.
Lastly, Holly O’Neil will become the president of the retail banking unit of the company, while Wendy Stewart will lead the commercial bank. On the other hand, Aditya Bhasin will take the position of chief technology and information officer and Lauren Mogensen will be the upcoming general counsel.