Bank of America has named Alberto Garofalo as market president for New Jersey. Garofalo succeeds Market President Bob Doherty, who continues to serve on the New Jersey leadership team and as a wholesale credit manager for the Healthcare, Education and Not-for-Profit group in the Northeast.
As market president, he will be responsible for connecting the banking and investment resources offered through the company’s eight lines of business to companies, families and individuals in New Jersey. He will also lead the effort to deploy Bank of America’s resources to address local social and economic concerns and build strong communities.
Garofalo will continue to serve as the company’s Community Reinvestment Act executive and the head of Community Banking and Development for Consumer and Small Business. In this role, he is responsible for delivering a holistic, integrated approach to deploying capital, creating jobs, developing communities and fostering economic mobility. In addition, he is responsible for developing a multiyear strategy to drive responsible growth for the Hispanic/Latino segment across Consumer and Small Business.
“Bob has helped us deliver responsible growth by serving our clients and ensuring we are a great partner in New Jersey. I thank him for his leadership and look forward to Alberto taking on this important work,” said Brian Moynihan, chief executive officer, Bank of America.
Garofalo actively supports the United Way, where he served as the local chairperson on various initiatives. He also devotes his time to volunteer activities, such as educating young adults about financial acumen and the importance of promoting diversity.
Garofalo was born and raised in Cuba, and resides in Middletown, N.J. with his family.
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, including approximately 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award-winning digital banking with nearly 38 million active users, including approximately 29 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 owners 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.