01—Abstract
Summary
Summary of the 8-K filed September 12, 2025. Cited figures are marked; the original filing is the authoritative source.
On September 12, 2025, Bank of America (NYSE: BAC) announced a senior leadership reshuffle under Chair and CEO Brian Moynihan.
Dean Athanasia (President, Regional Banking) and Jim DeMare (President, Global Markets) were named Co-Presidents of the Corporation, with responsibility for enterprise-wide initiatives and oversight of the company's eight lines of business, whose leaders remain unchanged. Alastair Borthwick, who has served as CFO for the past four years, was named Executive Vice President in addition to his CFO role, and is also taking on responsibility for the company's global real estate portfolio. For investors, the filing is primarily a governance and management-structure disclosure rather than a financial event.
It contains no new financial results, guidance, capital actions, or changes to the Management Team beyond these appointments, and management states that the broader Management Team and the business heads otherwise remain unchanged. The move is framed as a way to increase capacity and intensity on growth, market share, returns, expense management, and AI-driven innovation, and to build a stronger bench for succession and investor engagement. The key items to watch are execution and succession clarity.
Co-Presidents with overall responsibility for the business lines could add a senior layer of operating oversight, so investors may look for evidence in future disclosures of how decision rights are divided and whether expense discipline and returns targets are maintained. Borthwick's expanded role, which keeps him as CFO while adding investor-positioning and real estate responsibilities, is also worth monitoring for any future changes to finance-function leadership.
02—Key points
Key Highlights
- Dean Athanasia (President, Regional Banking) and Jim DeMare (President, Global Markets) were appointed Co-Presidents of Bank of America, with overall responsibility for the company's eight lines of business.
- Alastair Borthwick was named Executive Vice President in addition to his continuing role as Chief Financial Officer, a position he has held for four years.
- Borthwick's expanded responsibilities include strategic advisory to the CEO and Board, investor and shareholder positioning, and most recently the company's global real estate portfolio.
- The eight line-of-business presidents and the rest of the Management Team remain unchanged, and the CEO's focus is stated as unchanged.
- Stated priorities for the Co-Presidents include increasing market share and returns, leveraging scale, managing cost and expense, expanding AI-based tools for clients, and growing local and global markets.
- Management cites Athanasia's record of 26 consecutive quarters of net checking account growth and deposits up roughly 32% from 2019 through the latest quarter, and DeMare's 13 consecutive quarters of year-over-year sales and trading growth.
- The filing contains no new financial results, guidance, or capital return announcements; it is disclosed under Item 8.01 (Other Events) with the press release attached as Exhibit 99.1.
03—Questions
Frequently Asked Questions
Who are the new Co-Presidents of Bank of America and what will they do?
Dean Athanasia, previously President of Regional Banking, and Jim DeMare, previously President of Global Markets, were named Co-Presidents. They will drive company-wide initiatives focused on long-term growth and returns, work with the CEO and the presidents of the eight lines of business, and assume overall responsibility for the business lines, with the individual business heads reporting to them.
Does this change the CFO or the finance leadership?
Alastair Borthwick remains Chief Financial Officer and was additionally named Executive Vice President. He continues as a strategic advisor to the CEO, Management Team, and Board, and has taken on added responsibilities including the global real estate portfolio. Based on the release, he will also continue leading efforts to position the company with investors and shareholders.
Does this announcement change Bank of America's financial outlook or capital plans?
No. The filing does not include new financial results, earnings guidance, dividend changes, or buyback announcements. It reports leadership appointments only, and management states that the Management Team and business heads otherwise remain the same.
Why is management making these changes?
According to CEO Brian Moynihan, the appointments are intended to increase the capacity, intensity, and expertise dedicated to the company's highest priorities, including market share, returns, cost management, AI-based client tools, and growth in local and global markets. The move is also framed as a way to develop talent for future generations and to continue the company's Responsible Growth strategy into its second decade.
Who has the leadership structure changed for, and what should investors monitor next?
The changes primarily affect senior executives and the reporting structure above the eight lines of business. Investors may want to monitor how decision rights are divided between the Co-Presidents and the CEO, whether returns and expense targets are maintained, and whether any further changes to finance-function leadership are disclosed in future filings or earnings calls.
04—Continue