Bank of America Names Naveed Shujaat President of Central Florida

January 10, 2024 at 2:15 PM Eastern
Naveed Shujaat headshot

Naveed Shujaat

ORLANDO, FL – Bank of America has named Naveed Shujaat president of Bank of America Central Florida. He succeeds Steve Alch, who has decided to step away from the role after nearly a decade to focus on his leadership position as Merrill Southeast Division executive, where he will continue as a managing director.

As president of Bank of America Central Florida, Shujaat will assume the responsibilities for connecting the banking and investment resources offered through the bank’s eight lines of business to people and companies across the region. He will also lead the effort to deploy the company’s resources to help advance economic mobility and build strong communities.

Shujaat joined Bank of America in 2006 and is the Private Bank market executive leading a team of private client advisors, private client managers, portfolio managers, and trust officers in Tampa Bay, Orlando, and Space Coast. He previously led several Consumer markets in Central Florida, as well as the Consumer segments for the Southeast Division. He earned his bachelor’s and master’s degrees in business administration from the University of Central Florida. He has worked alongside Alch as a key member of the Central Florida market leadership team, most recently serving in the role of market integration executive.

Shujaat demonstrates a strong commitment to employee engagement by serving as a member of two employee networks: Asian Leadership Network and Hispanic/Latino Organization for Leadership and Advancement. He is also engaged in the community, volunteering with Feeding the Homeless and Second Harvest Food Bank and serving on the board of a local school. He enjoys spending time with his wife and three children and playing and coaching soccer and volleyball.

During Alch’s tenure as market president, he delivered Bank of America resources to clients and communities across Central Florida. He oversaw more than $3 million to 15 Neighborhood Builders® grant winners and a total of $10 million to nonprofit organizations serving Central Florida.

“Steve has had a tremendous impact delivering the full breadth of Bank of America to our clients, growing market share and representing Bank of America in the community over the last nine years,” said Brian Moynihan, chief executive officer, Bank of America. “We thank him for his leadership and look forward to continued growth and success with Naveed becoming the next Central Florida president.”

Alch will continue to lead the Southeast Division of Merrill from downtown Orlando.

“It has been a privilege to serve and represent Bank of America for nearly a decade across this great region,” said Alch. “The bank has enabled me to lead important work and make meaningful contributions to the community. As we continue that work, I am eager to support Naveed and ensure a smooth, successful transition in Central Florida.”

Bank of America

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 69 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital 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 4 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

Reporters may contact:

Matthew Daily, Bank of America      
Phone: 1.404.607.2844
matthew.daily@bofa.com

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