Bank of America (BofA) has announced a major restructuring of its leadership team, designating Dean Athanasia and Jim DeMare as the bank’s new co-presidents. The decision to appoint two co-presidents marks a significant shift in the company’s approach to leadership, reflecting a carefully considered succession plan aimed at ensuring the bank’s long-term stability and continued growth. Athanasia, who has previously led regional banking, and DeMare, the head of global markets, will now jointly assume executive responsibilities, overseeing the bank’s operations and strategic initiatives. This dual leadership model represents a forward-thinking approach, positioning the bank to navigate the increasingly complex and competitive financial services industry.
The restructuring also involves the elevation of Alastair Borthwick, Bank of America’s Chief Financial Officer, to the role of executive vice president and strategic advisor. This new position will allow Borthwick to continue contributing his expertise to the bank’s overall strategy while providing valuable guidance on key financial and operational decisions. As a seasoned financial leader, Borthwick’s new role ensures that he remains a central figure in shaping the bank’s long-term vision, particularly as it moves through a period of leadership transition.
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While the changes in leadership are significant, CEO Brian Moynihan, aged 65, has confirmed that he intends to remain in his current role until at least 2030. This decision underscores Moynihan’s commitment to providing stability and continuity at the top level of the organization, particularly during this transition phase. The fact that Moynihan will stay on as CEO provides reassurance to employees, investors, and stakeholders that the bank will continue to operate smoothly under familiar leadership. At the same time, the appointment of Athanasia and DeMare as co-presidents marks the beginning of a long-term succession strategy designed to prepare the bank for the future.
The choice to appoint two co-presidents, rather than a single successor, reflects Bank of America’s desire for a collaborative leadership approach, combining the strengths and expertise of both Athanasia and DeMare. Athanasia brings a wealth of experience in regional banking, where he has played a key role in driving growth and improving customer service. Meanwhile, DeMare’s background in global markets will be crucial as the bank seeks to strengthen its position in international financial markets. Together, their complementary skill sets are expected to allow them to lead the bank through an increasingly globalized and interconnected financial landscape.
This leadership transition also comes at a pivotal time for Bank of America, as the bank prepares for its upcoming earnings report on October 15, 2025. Analysts and investors will be closely watching the performance of the bank and looking for insights into how the new leadership team plans to drive the company forward. The earnings report will likely shed light on the bank’s financial health and future prospects, as well as how Athanasia and DeMare plan to execute the bank’s strategic initiatives. In addition to the earnings report, the bank’s investor day scheduled for November 5, 2025, in Boston will provide an important opportunity for the new leadership to communicate their vision for the bank’s future and outline their plans for continued growth.
As Bank of America undergoes this leadership shift, the emphasis on strategic succession planning reflects the bank’s commitment to ensuring long-term success. The appointment of co-presidents allows the bank to leverage a broader range of expertise and perspectives at the top level, providing a solid foundation for growth and adaptability in an ever-evolving financial environment. Athanasia and DeMare will likely focus on driving the bank’s strategy in key areas such as digital transformation, customer experience, and global market expansion, ensuring that Bank of America remains at the forefront of the financial services industry.
The leadership transition at Bank of America also highlights a broader trend in the financial industry toward more collaborative and dynamic leadership models. As the banking sector continues to face challenges such as regulatory changes, technological disruption, and growing competition, having a leadership team that can work together effectively is essential. The decision to name two co-presidents positions Bank of America to respond more flexibly to these challenges and take advantage of emerging opportunities in the global marketplace.
In conclusion, Bank of America’s appointment of Dean Athanasia and Jim DeMare as co-presidents marks a key moment in the company’s ongoing commitment to strategic growth and leadership succession. This leadership restructuring ensures that the bank is well-positioned to navigate the complexities of the financial services industry while maintaining a strong focus on customer service, innovation, and market expansion. With CEO Brian Moynihan remaining at the helm for the time being and a clear succession plan in place, Bank of America is poised to continue its leadership in the industry for years to come. The combination of experienced leadership, strategic foresight, and a collaborative approach will allow the bank to meet the challenges of tomorrow while building on its established strengths.
