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Bank of America reorganizes its executive ranks, appoints three women to senior positions

By Ishika Dangayach on Sep 10, 2021 | 04:30 AM IST

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Bank of America Corp. announced Friday that it is reorganizing its top leadership team, appointing new finance, technology, and legal executives, and appointing three women to key positions.

Chief Executive Brian Moynihan, nominated a new chief financial officer, technology head, general counsel, and chief administrative officer in a memo emailed to staff on Friday. He announced the addition of five new members to the firm's management team.

Moynihan also indicated that he intends to stay at the helm of the bank until the end of the decade, following in the footsteps of Morgan Stanley's James Gorman and JPMorgan Chase & Co's Jamie Dimon.

“This long-tenured team of highly energized individuals is committed to drive Responsible Growth, delivering for our clients, communities, and shareholders and addressing major societal issues,” said Moynihan, in the memo. “As I shared with our Board of Directors, it will continue to be my privilege to serve as CEO with them and with you.”

Alastair Borthwick, who most recently led commercial banking at Bank of America, will take over as chief financial officer. He will take over for Paul Donofrio, who will concentrate on sustainable finance.

Aditya Bhasin has been designated chief technology and information officer, while Tom Scrivener will be in charge of operations. Cathy Bessant, who will be located in Europe as a vice-chair of global strategy, will be replaced by the two.

Lauren Mogensen will succeed David Leitch, who is retiring, as general counsel. Ms. Mogensen was formerly in charge of compliance and operational risk.

Holly O'Neill will be in charge of retail banking, while Wendy Stewart will be in charge of commercial banking.

D. Steve Boland, who formerly managed retail banking and consumer loans, will take on the role of the chief administrative officer. Andrea Smith, who will retire at the end of the year, will be replaced by him.

In May, JPMorgan Chase & Co. appointed two CEO candidates to lead its consumer division and Morgan Stanley set up a four-way competition for the top place. The new CEO of Citigroup Inc. took over early this year.

Inputs from WSJ

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