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- Bank of America just announced a series of changes to its senior leadership team.
- More than 15 execs are seeing their role change, with several high-profile promotions and departures.
- The bank had announced in August that COO Tom Montag is retiring at year end.
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Bank of America is making changes to its top ranks.
The second-biggest US bank by assets just announced it's adding five new members to the senior management team, three of whom are women. In addition, several long-serving execs are leaving the bank.
One notable change is Cathy Bessant, who had been chief technology and operations officer, becoming vice chair, global strategy. Her role will be split in two, with Aditya Bhasin named chief technology and information officer, and Tom Scrivener been named chief operations executive. You can read more about Bessant, Bhasin, Scrivener, and their teams at Bank of America here.
The bank also named a new CFO: Alastair Borthwick, who was heading up the firm's commercial banking unit previously. Current CFO Paul Donofrio will become vice chair, overseeing sustainable finance.
In total, more than 15 execs are seeing their roles change.
The announcement follows the news in August that COO Tom Montag and fellow senior exec Anne Finucane would be retiring. Insiders had largely expected an eventual Montag departure, though the timing and nature of the announcement left many perplexed.
Sanaz Zaimi, who was known to be a key lieutenant to Montag as head of Fixed Income, Currencies and Commodities Sales, is leaving the bank, it was announced today. Zaimi had been the only female member of the management team who hailed from Montag's global banking and markets division.
Insiders had said she wasn't seen as a serious contender to take on a broader remit after Montag's departure. Zaimi has also been described as a polarizing figure that hadn't won her many allies outside of Montag, according to a NYT report as well as conversations with current and former employees who've worked with her.
Here are the big changes you need to know about:
- Holly O'Neill has been appointed president of Retail Banking, joining the bank's senior management team. She was most recently chief client care executive & head of Consumer Client Services
- Wendy Stewart has been appointed president of Global Commercial Banking, joining the management team. She was most recently cohead of Global Commercial Banking in the southeast and head of Wholesale Credit Strategy.
- Sanaz Zaimi, head of Fixed Income, Currencies and Commodities Sales and CEO of BofA Securities Europe SA, is leaving the bank.
- Cathy Bessant will become vice chair, Global Strategy. She had previously been chief technology & operations officer for more than a decade.
- Aditya Bhasin has been named chief technology and information officer, while Tom Scrivener has been named chief operations executive.
- Paul Donofrio will step down as CFO and become vice chair, overseeing sustainable finance. He will be replaced as CFO by Alastair Borthwick, who was most recently president of Global Commercial Banking.
- David Leitch will retire as global general counsel. He will be replaced by Lauren Mogensen at the end of this year.
- Chief administrative officer Andrea Smith is retiring, and will be replaced by D. Steve Boland.
- Dean Athanasia will assume responsibility for oversight of Global Commercial Banking and Business Banking, as president of Regional Banking
- David Tyrie will become chief digital officer and add Global Marketing to his responsibilities.
You can get CEO Brian Moynihan's full memo to staff right here.