Bank of America, one of the leading financial institutions in the United States, made a significant announcement regarding its leadership structure on September 12, 2025. In an effort to strengthen its management depth and ensure a smooth transition for the future, the bank has appointed Dean Athanasia and Jim DeMare as co-presidents. This strategic move is part of Bank of America’s broader succession planning process, as current CEO Brian Moynihan, 65, has committed to leading the company through the end of the decade before stepping down.
Dean Athanasia, who has been serving as the head of regional banking, and Jim DeMare, who has led the global markets division, will now jointly oversee the bank’s eight major business lines. Both Athanasia and DeMare will report directly to Moynihan, who will continue his leadership role while working closely with the new co-presidents. This leadership reshuffle underscores the bank’s commitment to ensuring that its diverse business operations are in capable hands, particularly as it prepares for the future when new leadership will take the reins.
The decision to appoint two co-presidents is a strategic one, aimed at providing the bank with stronger leadership across its wide range of operations. With its vast global footprint and various business segments, including retail banking, wealth management, global markets, and investment banking, Bank of America requires an experienced leadership team to coordinate and execute its complex strategies. By naming Athanasia and DeMare to oversee these critical business lines, the bank is aiming to enhance its ability to adapt and respond to the rapidly changing financial landscape.
Additionally, Alastair Borthwick, the bank’s Chief Financial Officer (CFO), has been promoted to executive vice president. While retaining his role as CFO, Borthwick will take on additional responsibilities that will allow him to work more closely with the broader leadership team. This promotion reflects Bank of America’s focus on consolidating leadership at the highest levels of the organization and ensuring that strategic decisions are executed with precision across all business units. With Borthwick’s expanded role, the bank aims to improve coordination and execution, particularly in areas related to financial strategy and operations.
The leadership restructuring is not just about filling key positions; it is part of Bank of America’s longer-term strategy to ensure that the company is ready for the leadership transition that will occur when Moynihan steps down. By positioning two highly experienced executives to oversee the bank’s critical business lines, the company is not only reinforcing its leadership bench but also sending a strong signal to investors, clients, and employees that the future leadership of the firm is already being prepared. This approach is particularly important in a large institution like Bank of America, where leadership transitions can have far-reaching implications for the bank’s strategy and operations.
In announcing the changes, Moynihan expressed confidence in the ability of Athanasia, DeMare, and Borthwick to drive the company’s strategic goals and ensure continued success in a highly competitive and rapidly evolving global financial market. He highlighted that this restructuring would allow the bank to remain agile and responsive to market changes while maintaining its focus on delivering value to shareholders and clients alike. Moynihan’s commitment to leading the firm through the end of the decade provides stability during a time of transition, but the new leadership structure is designed to ensure that the company remains well-positioned for long-term growth.
Bank of America’s decision to strengthen its leadership team is also indicative of a broader trend among major corporations to prioritize succession planning. As the business environment continues to evolve and financial institutions face increasing regulatory scrutiny, technological disruptions, and shifting customer expectations, it is critical for companies to have a clear succession plan in place. By promoting internal talent and establishing a strong leadership framework, Bank of America is positioning itself to continue thriving in an increasingly complex financial ecosystem.
Looking ahead, this restructuring sets the stage for Bank of America’s leadership to seamlessly transition over the next few years. With Athanasia and DeMare in place as co-presidents, and Borthwick’s expanded role as executive vice president, the bank is well-prepared to maintain its leadership position in the financial services industry. The strategic focus on leadership depth and succession planning ensures that Bank of America is not only ready to face the challenges of the coming years but also poised to seize new opportunities as they arise.
