Bank of America announced senior leadership changes to its management team. The company announced adding of five new members, including three women, to the senior management team.
When all of the changes are complete, Bank of America’s senior management team will include individuals with an average of 21 years of service in the company and 31 years in the financial services industry, with increased global and international expertise; and more diversity of gender and race than ever before in the company’s history, the statement said.
“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,” said Chairman and Chief Executive Officer Brian Moynihan. “As I shared with our Board of Directors, it will continue to be my privilege to serve with them as CEO as we drive Responsible Growth through its second decade.”
“Our management team going forward will include individuals with many years of outstanding leadership in our company and the industry, increased global and international expertise, and more diversity of gender and race than ever before in our history. Leaders who are assuming new and expanded roles on the team have deep and broad experience in different areas, while firmly sharing a commitment to drive our company and Responsible Growth through its second decade, with me and with all of you,” Moynihan said.
Andy Sieg, president of Merrill Lynch Wealth Management and Katy Knox, president of Bank of America Private Bank will continue in their current roles, Moynihan added.
“Bernie Mensah, president of International and CEO of Merrill Lynch International will lead our extensive business across the United Kingdom, the European Union, Central and Eastern Europe, Middle East, Africa, Asia Pacific and Latin America. Working closely with our global and regional senior management teams and country executives, he is responsible for the leadership and execution of our key priorities in over 35 countries from which we serve our clients around the world,” Moynihan added.
Raul Anaya, president of Business Banking and Aron Levine, president of Preferred Banking continue in their current roles and will report to Dean Athanasia.
“Wendy Stewart has been appointed president of Global Commercial Banking, reporting to Dean and joining our Management Team. Wendy is also president of Atlanta for the company. She most recently was co-head of Global Commercial Banking in the southeast and head of Wholesale Credit Strategy. She joined the company in 1996, working in the consumer and commercial businesses,” Moynihan said.
“Sanaz Zaimi, head of Fixed Income, Currencies and Commodities (FICC) Sales, CEO of BofA Securities Europe SA (BofASE) and country executive for France has informed us of her decision to leave the bank to pursue other interests. During her 12 years at Bank of America, Sanaz has successfully led the Global FICC Sales organization by building the franchise and developing key client relationships globally. In addition, she was instrumental in the establishment of our new EU investment firm, BofASE, and the build-out of the firm’s new EU Sales and Trading hub in Paris to ensure we could effectively service our clients post-Brexit. Sanaz will transition through the end of the year, working with her team to ensure a seamless handover,” Moynihan added.
“Cathy Bessant will become vice chair, Global Strategy working with our European boards and focused on our global integrated strategy, governance, and client and regulator engagement. Cathy has worked as our chief technology & operations officer for more than 12 years and previously led multiple business lines, staff support areas and regions since joining the company in 1982. I have asked her to relocate to Paris and assume this enterprise-wide vice chair role providing leadership within and beyond our European presence. This builds on the tremendous impact Cathy has had in the company including through her efforts to develop talented, highly capable leaders for the future,” Moynihan added.
Aditya Bhasin has been named chief technology and information officer. Aditya will be responsible for designing and delivering technology solutions for all lines of business, staff support areas, and the broader enterprise and will also oversee Global Information Security, Technology Infrastructure, Independent Technical Assessment, and Global Business Services. Most recently, he has been chief information officer and head of technology for Consumer, Small Business, Wealth Management, and Employee Technology. Prior to his current role, Aditya led Marketing, Analytics, and Digital Banking and joined the company in 2004.
“Tom Scrivener has been named chief operations executive. Tom will be responsible for delivering integrated operations solutions for all lines of business, staff support areas, and the broader enterprise including operations teams in our global regions. He will also continue to oversee our Paycheck Protection Program (PPP) Forgiveness effort. Previously, Tom was head of Consumer, Small Business & Wealth operations. He has also led Global Real Estate Services, Comprehensive Capital Analysis and Review (CCAR), and Operational Excellence efforts, and has overseen major operations for nearly 20 years since joining Bank of America through the acquisition of Balboa Insurance,” Moynihan said.
Alastair Borthwick has been named chief financial officer, effective in the fourth quarter. He will also continue as a vice chair of our Global Diversity & Inclusion Council. Alastair has most recently been president of Global Commercial Banking for nine years and previously was co-head of Global Capital Markets with responsibility for Equity Capital Markets, Investment Grade Debt Capital Markets, Leveraged Finance, and Global Origination for Rates & Currencies. Alastair joined the company in 2005 as head of Global Investment Grade Debt Capital Markets and spent the prior 12 years at Goldman Sachs, Moynihan said.
“Lauren Mogensen will become global general counsel for the company, succeeding David at the end of this year. Lauren has most recently been head of Global Compliance & Operational Risk, working directly with global regulators and supervisory institutions, governance committees, and our Board of Directors. Previously, she was deputy general counsel and Legal executive for more than a decade in several areas of the company including as Corporate Secretary, and earlier was a leader in risk, finance, and corporate strategy. She joined the bank in 2001, having previously been a partner and member of the executive committee of a major law firm,” Moynihan said.
“Andrea Smith joined our company nearly 34 years ago and her exceptional career has spanned from her first role in technology to global head of Global Human Resources and to her most recent role as our chief administrative officer. Andrea has shared with me that she would like to retire at the end of this year to shift her primary focus to philanthropic and issues-based efforts that are deeply important to her and to spend more time with her family. Through her transition and beyond, Andrea will help create and chair a new Bank of America Alumni Council focused on connecting and engaging retirees and former employees of the company as clients, advocates and community leaders. Teammates can join me in congratulating and recognizing Andrea on Flagscape today,” Moynihan said.
D. Steve Boland has been named chief administrative officer, overseeing local markets including all Bank of America market presidents and teams, Public Policy, Environment, Social & Governance efforts, Corporate & Internal Communications, External Communications, Global Sports Sponsorships, Corporate Security, and other related functions. He will also continue as a vice chair of Global Diversity & Inclusion Council. Steve has most recently been president of Retail Banking and head of the Community Bank and Consumer Lending, and earlier was head of Consumer Lending and Home Loans. He joined the company in 1995.
Dean Athanasia will maintain his current responsibilities and assume additional responsibility for oversight of Global Commercial Banking and Business Banking, as president of Regional Banking. Dean joined the company in 1996, and since that time has held senior, increasing leadership roles across consumer, preferred, small business, corporate lending, corporate strategy, and technology. David Tyrie, reporting to Dean, will become chief digital officer and will also add Global Marketing to his responsibilities. David has most recently served as head of Digital Banking. Sharon Miller will continue to lead Small Business and take on additional responsibilities to include Specialty and Auto Lending.
Sheri Bronstein continues as chief human resources officer and will assume additional responsibility for The Academy, Enterprise Services.
“Geoff Greener continues as chief risk officer and has announced Amy Littman will become head of Global Compliance & Operational Risk, reporting to him. Amy has most recently been deputy general counsel for Global Human Resources, Chief Administrative Officer Group, Corporate Services, Business Operations, and Internal Enterprise Investigations,” Moynihan said.
“Thong Nguyen continues as vice chair and head of Global Strategy & Enterprise Platforms including Enterprise Data Management, and will assume additional responsibility for Global Real Estate, Business Continuity, and other related functions,” Moynihan added.
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