The Banking Executive Magzine - July 2025 Issue

Bank of America appointed Dean Athanasia and Jim DeMare as co- presidents, in a sign that the second- largest U.S. lender is preparing potential successors for CEO Brian Moynihan. Chief Financial Officer Alastair Borthwick was named an executive vice president. "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 per- formance," Moynihan said in a letter shared with the employees. Still, Moynihan, 65, reinforced his commitment to lead the company through the end of the decade. The CEO is one of the industry's longest- serving leaders. He took the reins in 2010 after a tumultuous succession process, steering the bank's turn- around after the 2008 financial cri- sis. "It's nice to want to continue as the CEO for five more years, but there's increasing pressure to improve per- formance and stock price," said Mike Mayo, banking analyst at Wells Fargo. Areas in need of improvement in- clude the corporate and investment bank, the private bank and Merrill Lynch, he said. BofA shares are up 15% year-to-date, trailing a 28% rise in shares of bigger rival JPMorgan Chase. The S&P bank index has gained 20% so far this year. Investors are also closely watching when JPMorgan CEO Jamie Dimon will retire after heading the biggest U.S. bank for more than 19 years. the BANKING EXECUTIVE 52 ISSUE 199 JULY 2025 Career Chronicle BOFA APPOINTS CO-PRESIDENTS AS CEO SAYS HE WILL SERVE THROUGH THE DECADE