Bank of America has reshuffled its top leadership ranks, elevating three veteran executives into expanded roles that position them as potential successors to longtime CEO Brian Moynihan.
The move, announced Friday, gives Wall Street fresh clues about who could eventually lead the second-largest U.S. bank when Moynihan, who has been at the helm since 2010, decides to step down.
DeMare and Athanasia Named Co-Presidents
In the shake-up, Jim DeMare, head of Bank of America’s trading division, and Dean Athanasia, president of the consumer and regional banking unit, were named co-presidents of the company.
“In their new roles as co-presidents, Dean and Jim will work with me to drive broad-ranging, strategic efforts that are central to our long-term performance,” Moynihan wrote in a memo to employees. He added that the pair would now oversee all of the bank’s major business lines, with individual unit heads reporting directly to them.
The appointments signal a significant expansion of responsibility for both executives, effectively positioning them as Moynihan’s closest lieutenants.
CFO Alastair Borthwick Gains Expanded Role
In addition to the dual promotion, Alastair Borthwick, the bank’s chief financial officer, was named executive vice president. The move further cements his role as one of the key figures in the bank’s leadership structure, with oversight extending beyond finance into broader corporate strategy.
Together, the promotions establish a trio of deputies who could play central roles in shaping Bank of America’s future — and potentially one day succeed Moynihan himself.
Moynihan Stresses Succession Planning
Moynihan, 64, has led Bank of America through more than a decade of growth and restructuring following the 2008 financial crisis. While he has given no indication that he intends to retire soon, succession planning has remained a hot topic for analysts and investors alike.
At the Reuters Next conference in 2023, Moynihan acknowledged the importance of having a plan in place:
“We have a succession-planning exercise that goes on,” he said. “Nothing is left to chance.”
Although he declined to name names at the time, Friday’s promotions now highlight the executives most likely under consideration.
Jim DeMare’s Rising Profile
Among the promoted executives, DeMare has increasingly been in the spotlight. Since joining Bank of America in 2008, he has become a regular feature on the bank’s earnings calls, often earning direct praise from Moynihan for his unit’s performance.
On last year’s third-quarter earnings call, for instance, Moynihan pointed to a 35% jump in sales and trading revenue over three years, crediting DeMare’s leadership:
“Good work by Jimmy DeMare and the team,” he said.
That track record, combined with his new co-president role, makes DeMare one of the most closely watched executives in the bank’s succession race.
What Comes Next
While Moynihan shows no signs of stepping aside in the near term, Bank of America’s latest moves make clear that succession planning is top of mind. By elevating DeMare, Athanasia, and Borthwick, the bank has strengthened its leadership bench and created a clearer path for the next generation of executives.
For Wall Street, the promotions offer a rare window into how one of the country’s largest banks is preparing for the future — and who might eventually take on one of the most powerful jobs in global finance.
