Bank of America Announces Senior Leadership Changes
Bank of America today announced senior leadership changes to position the company for long-term success, while continuing to deliver for clients, communities and shareholders.
The company is adding five new members, including three women, to the senior management team, further strengthening diversity at the most senior levels of the company. 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.
“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.”
Below is the letter that Moynihan shared with the company’s teammates today.
To my teammates,
We established the path forward for our company nearly 12 years ago as we emerged from the global financial crisis with our focus on Responsible Growth. As we stated then, we drive Responsible Growth through four tenets: we must grow and win in the market; we must grow through our customer-focused strategy serving people, companies and institutions; we must grow in alignment with our risk framework; and we must grow in a sustainable manner through operational excellence, being a great place to work, and sharing success with our communities.
This steadfast focus has enabled us to build strength quarter by quarter, year over year – to record levels of earnings, market capitalization, client and employee satisfaction, and brand and reputation. Our momentum has continued through the healthcare crisis and unprecedented challenges of the past 20 months with your terrific efforts and leadership.
Also core to our long-term progress is our ongoing effort to develop generations of diverse leaders who are deeply experienced and energized to drive the company’s growth. As we focus on the path ahead and what it requires, and individuals decide they are ready to transition and/or retire, we are able to promote and expand colleagues from inside the company resulting in new opportunities, smooth transitions, and continued momentum.
Today, we are announcing important steps forward in our management team for the company.
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.
We continue to serve our clients through our eight lines of business and our International organization, led by the following individuals on our Management Team, who will report to me unless otherwise noted:
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.
Our Management Team will also include the following leaders in corporate-wide roles. These leaders will report to me unless otherwise noted.
With Cathy’s move to Europe, we are creating two distinct, dedicated organizations with deeply experienced leaders covering the former technology and operations organization.
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, which included responsibility for our online and mobile banking apps, and payments and commerce services. 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.
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.
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.
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 our 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.
This long-tenured team of highly energized individuals is committed to drive Responsible Growth, delivering for our clients, communities, and shareholders and addressing major societal issues. As I shared with our Board of Directors, it will continue to be my privilege to serve as CEO with them and with you.
You can read more about the team on Flagscape, including additional information about their experience in our company and industry, and will hear more information from leaders who are assuming new or expanded roles next week and in the days to follow.
Thank you for all you are doing to serve our clients and communities every day.
Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
Forward-looking statements represent Bank of America’s current expectations, plans or forecasts of its future results, revenues, expenses, efficiency ratio, capital measures, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward-looking statements due to a variety of factors. You should not place undue reliance on any forward-looking statement and should consider all of the precautionary statements, uncertainties and risks discussed in Bank of America’s filings with the Securities and Exchange Commission, including under Item 1A. “Risk Factors” of Bank of America’s Annual Report on Form 10-K for the year ended December 31, 2020, and in any of Bank of America’s other subsequent Securities and Exchange Commission filings.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Lee McEntire, Bank of America
Jessica Oppenheim, Bank of America
Jerry Dubrowski, Bank of America
Phone: 1.646.855.1195 (office), 508.843.5626 (mobile)