Bank of America Names New CFO

Bank of The us introduced a administration overhaul on Friday, changing its finance chief and including 5 new members to the senior administration team. 

Alastair Borthwick, president of world-wide professional banking, will be promoted to CFO in the fourth quarter. Borthwick joined the business in 2005 as head of world-wide expenditure-grade debt money markets and was formerly co-head of world-wide money markets. He invested the prior twelve many years at Goldman Sachs.

The bank’s current CFO, Paul Donofrio, will develop into vice chair and will oversee sustainable finance and chair its sustainable markets committee.

The 5 new administration team members are chief engineering and information and facts officer Aditya Bhasin, chief operations government Tom Scrivener, world-wide typical counsel Lauren Mogensen, president of retail banking Holly O’Neill, and head of world-wide professional banking Wendy Stewart.

“These improvements place the business with highly energized leaders who are fully commited to driving dependable development by way of its next ten years — offering for our consumers, communities, and shareholders and addressing significant societal troubles,” explained chairman and chief government officer Brian Moynihan. “As I shared with our board of directors, it will keep on to be my privilege to serve with them as CEO as we travel dependable development by way of its next ten years.”

The administration overhaul arrives weeks following the bank introduced chief running officer Tom Montag would be retiring at the conclude of the 12 months. Montag was regarded as the prime candidate to succeed Moynihan if desired.

Alastair Borthwick, Bank of The us, CFO, Administration