Bank Of America Names Alastair Borthwick CFO; Announces Senior Leadership Changes

Bank of America (BAC) announced senior leadership changes including the appointment of new chief financial officer, effective in the fourth quarter. The company is adding five new members, including three women, to the senior management team.

Bank of America named Alastair Borthwick as chief financial officer. He will also continue as a vice chair of Global Diversity & Inclusion Council. Current CFO Paul Donofrio will become vice chair, and will oversee Sustainable Finance and chair Sustainable Markets Committee.

Lauren Mogensen will become global general counsel, succeeding David at the end of the current year. Lauren has most recently been head of Global Compliance & Operational Risk. David Leitch, who is planning to retire in 2022, will become vice chair.

The company appointed Holly O'Neill president of Retail Banking. Holly was most recently chief client care executive & head of Consumer Client Services. Wendy Stewart has been appointed president of Global Commercial Banking. Wendy is also president of
Atlanta for the company.

Bank of America also announced Sanaz Zaimi, head of Fixed Income, Currencies and Commodities Sales, CEO of BofA Securities Europe SA and country executive for France has decided to leave the bank to pursue other interests.

Cathy Bessant will become vice chair, Global Strategy. Cathy has worked as the company's chief technology & operations officer for more than 12 years.

Dean Athanasia will assume additional responsibility for oversight of Global Commercial Banking and Business Banking, as president of Regional Banking.

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