Bank of America unveils sweeping leadership changes with new CFO

Bank of America shook up its senior ranks, naming a new chief financial officer and handing extra responsibility to two investment bank executives following the retirement of the long-serving boss of the unit, Tom Montag.

Alastair Borthwick, who is currently president of global commercial banking, will replace CFO Paul Donofrio next quarter, the bank said in a statement, part of a series of management changes that also elevate a number key executives under chief executive, Brian Moynihan.

Tom Montag, who led Bank of America’s investment bank in the aftermath of the 2008 financial crisis, is stepping down at the end of this year, it revealed in August. The bank has not named a direct replacement, instead handing Jim DeMare, its head of global markets, and Matthew Koder, who runs its corporate and investment bank, extra responsibility.

In Europe, Sanaz Zaimi, head of fixed income, currencies and commodities (FICC) sales and chief executive of BofA Securities Europe, will step down. A 12-year veteran of the bank and one of its most senior women in a front line investment bank role who was responsible for building out its post-Brexit trading hub in Paris, her departure was broadly expected after the announcement that close ally Montag was set to leave the bank.

READ Bank of America investment bank boss Tom Montag to step down

As part of a sweeping set of changes at the bank that put a number of senior executives into a position to potentially success Moynihan at the top down the line, the chief executive also has a number of new direct reports including Koder and DeMare.

Bernie Mensah, president of international and CEO of Merrill Lynch international, will remain in his post and will also report into Moynihan. Cathy Bessant, its chief technology and operations manager, is set to move to Europe to become vice chair, global strategy with its businesses in the region.

“These changes position the company with highly energized leaders who are committed to driving Responsible Growth through its second decade – delivering for our clients, communities and shareholders, and addressing major societal issues,” Moynihan said in a statement.

Holly O’Neill has been promoted to president of Bank of America’s retail banking unit, a memo announcing the changes said, while Wendy Stewart will head up its commercial bank – both will join its management team. Aditya Bhasin has been named chief technology and information officer, while Lauren Mogensen will become general counsel.

To contact the author of this story with feedback or news, email Paul Clarke

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