Bank of America has announced a significant leadership shift by appointing two of its long-serving executives, Dean Athanasia and Jim DeMare, as co-presidents. The move marks the creation of a new leadership structure at the nation’s second-largest bank and is widely seen as part of a broader succession plan as CEO Brian Moynihan prepares for the long-term future of the institution. Moynihan, who has been at the helm since 2010, emphasized that he intends to remain in his role through 2030, giving the bank several more years of continuity as it shapes its next generation of leaders.
Athanasia, who most recently served as President of Regional Banking, has been entrusted with broader responsibilities that include consumer banking and commercial banking. His career has spanned decades at Bank of America, and he is credited with strengthening its retail presence and improving client services at the local level. DeMare, who led the Global Markets division, will continue to oversee the bank’s trading operations while also sharing responsibility for all eight of the company’s business lines. Both executives will now play a pivotal role in shaping the strategy and performance of the bank as they report directly to Moynihan.
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The appointments were accompanied by an expansion of responsibilities for Alastair Borthwick, the bank’s Chief Financial Officer. Borthwick was promoted to the position of Executive Vice President while continuing in his current role as CFO. His elevation underscores the bank’s recognition of his importance in maintaining financial stability and driving strategic planning during a period of transition. Together, Athanasia, DeMare, and Borthwick are being positioned as the most visible internal candidates to eventually succeed Moynihan, though no immediate timeline for a change has been announced.
Bank of America has historically been less forthcoming than some of its Wall Street peers in signaling succession plans, and analysts see this restructuring as a step toward greater transparency. In recent years, rival banks such as JPMorgan Chase and Morgan Stanley have moved to highlight their potential successors, reassuring investors about leadership continuity. Until now, Bank of America had been more opaque, leading to speculation about who might eventually take over. The co-president structure, along with the expanded duties for Borthwick, gives markets a clearer view of the bench strength within the company’s leadership ranks.
Moynihan’s decision to remain until 2030 reflects both his desire to ensure a smooth transition and his confidence in the direction of the bank. Since taking over in the aftermath of the financial crisis, he has led the institution through a decade of rebuilding, focusing on cost control, strengthening the balance sheet, and expanding into more stable revenue areas. His tenure has been marked by steady growth, though Bank of America has faced challenges in keeping pace with some peers in investment banking and wealth management. By extending his leadership horizon, Moynihan is aiming to give his team time to strengthen under his guidance before he eventually steps aside.
For Athanasia and DeMare, the new roles represent a chance to prove their ability to lead beyond their previous areas of focus. Both executives will need to demonstrate strong execution across the bank’s diverse businesses, ranging from consumer banking to global markets, investment banking, and wealth management. Investors and analysts will be closely monitoring their performance, particularly in divisions that have lagged in profitability compared to competitors. The leadership transition is not only about succession planning but also about ensuring that Bank of America can compete more effectively across all areas of financial services.
Holly O’Neill, who heads retail banking, has also been identified as another internal candidate to watch. While not promoted in this reshuffle, her role remains critical, and her inclusion in conversations about succession indicates that the bank is cultivating multiple leaders who could eventually step into the top role. This diversified approach to leadership development mirrors the strategy of other large financial firms, which often keep multiple contenders in the pipeline to avoid over-reliance on a single successor.
The announcement comes at a time when Wall Street is under scrutiny for how it manages leadership transitions. Investors increasingly expect transparency, continuity, and strong communication around succession, especially for systemically important financial institutions like Bank of America. The bank’s latest restructuring appears designed to reassure stakeholders that the leadership team is prepared for the future while maintaining stability under Moynihan’s extended tenure.
For now, the co-president appointments represent an important symbolic and strategic step. They provide Athanasia and DeMare with a platform to prove their readiness for higher office, while also giving the bank flexibility in grooming talent for the top role. How the two executives balance responsibilities and deliver results across the bank’s diverse business lines will be closely watched in the coming years.
Bank of America’s leadership shuffle highlights both the challenges and opportunities facing one of the largest banks in the United States. With Moynihan guiding the institution through the remainder of the decade and a team of seasoned executives stepping into more prominent roles, the bank is attempting to strike a balance between stability and forward-looking leadership development. Whether this strategy will pay off will depend on how effectively the new leadership team drives performance and navigates a competitive and evolving financial landscape.
