{"id":222324,"date":"2025-09-13T01:32:19","date_gmt":"2025-09-13T01:32:19","guid":{"rendered":"https:\/\/www.europesays.com\/us\/222324\/"},"modified":"2025-09-13T01:32:19","modified_gmt":"2025-09-13T01:32:19","slug":"bofa-appoints-co-presidents-as-ceo-says-he-will-serve-through-the-decade","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/222324\/","title":{"rendered":"BofA appoints co-presidents as CEO says he will serve through the decade"},"content":{"rendered":"\n

By Lananh Nguyen, Ateev Bhandari and Saeed Azhar<\/p>\n

NEW YORK (Reuters) – Bank of America appointed Dean Athanasia and Jim DeMare as co-presidents on Friday, in a sign that the second-largest U.S. lender is preparing potential successors for CEO Brian Moynihan.<\/p>\n

Chief Financial Officer Alastair Borthwick was named an executive vice president.<\/p>\n

“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 said in a letter shared with the employees.<\/p>\n

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 turnaround after the 2008 financial crisis.<\/p>\n

“It’s nice to want to continue as the CEO for five more years, but there’s increasing pressure to improve performance and stock price,” said Mike Mayo, banking analyst at Wells Fargo.<\/p>\n

Areas in need of improvement include the corporate and investment bank, the private bank and Merrill Lynch, he said.<\/p>\n

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.<\/p>\n

Investors are also closely watching when JPMorgan CEO Jamie Dimon<\/a> will retire after heading the biggest U.S. bank for more than 19 years.<\/p>\n

THREE-WAY RACE<\/p>\n

Mayo said that including Borthwick, it is now a three-way race to become the next BofA CEO.<\/p>\n

Athanasia, 59, and DeMare, 56, will take overall responsibility for the company’s business lines, and the individual business heads will report to them, Moynihan said in a letter.<\/p>\n

“Dean and Jim will significantly increase the capacity, intensity, and expertise dedicated to our highest priorities, benefiting all.”<\/p>\n

Athanasia earlier oversaw four of the company’s eight major lines of business, including retail banking, preferred banking, business banking and global commercial banking.<\/p>\n

The consumer business remains BofA’s biggest by revenue, accounting for a roughly 42% share in the second quarter.<\/p>\n

DeMare’s markets division is set to post its 14th consecutive quarterly revenue growth in the third quarter. Its second-quarter revenue rose 15%, helping to beat quarterly profit estimates.<\/p>\n

(Reporting by Ateev Bhandari in Bengaluru and Lananh Nguyen, Saeed Azhar and Tatiana Bautzer in New York; Editing by Alan Barona, Marguerita Choy and Richard Chang)<\/p>\n","protected":false},"excerpt":{"rendered":"By Lananh Nguyen, Ateev Bhandari and Saeed Azhar NEW YORK (Reuters) – Bank of America appointed Dean Athanasia…\n","protected":false},"author":3,"featured_media":222325,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[120752,21866,49061,64,120753,120754,67,132,68],"class_list":{"0":"post-222324","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-alastair-borthwick","9":"tag-bank-of-america","10":"tag-brian-moynihan","11":"tag-business","12":"tag-jim-demare","13":"tag-mike-mayo","14":"tag-united-states","15":"tag-unitedstates","16":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115194412595343337","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/222324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=222324"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/222324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/222325"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=222324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=222324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=222324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}