Скачать или смотреть BofA appoints co-presidents as CEO Moynihan says he will serve through the decade

BofA appoints co-presidents as CEO Moynihan says he will serve through the decade
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Bank of America is reshuffling its leadership team, announcing the appointment of Dean Athanasia and Jim DeMare as co-presidents. This move is seen as a significant step in preparing potential successors for Chief Executive Officer Brian Moynihan, who has stated his intention to remain at the helm through the end of the decade.

In a memo to employees, Moynihan emphasized that Athanasia and DeMare will collaborate with him on strategic initiatives crucial for the bank's long-term success. While Moynihan, 65, signals a continued commitment, analysts point to pressure for improved performance and stock price, noting that BofA shares have lagged behind rival JPMorgan Chase this year. Areas identified for potential enhancement include the corporate and investment bank, private bank, and Merrill Lynch.

With these promotions, banking analyst Mike Mayo suggests a three-way race is emerging for the CEO position, including Chief Financial Officer Alastair Borthwick, who has been named an executive vice president. Athanasia, previously overseeing key retail and commercial banking segments, and DeMare, leading the successful markets division, will now share broader responsibility for the company's business lines. This shake-up offers a clear glimpse into Bank of America's succession planning as it navigates future leadership. If you like our content, don't forget to like and subscribe to our channel, NEWS TODAY.
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