Bank of America Names New CFO

Alastair Borthwick

Lender of The usa declared a management overhaul on Friday, replacing its finance chief and incorporating 5 new customers to the senior management crew. 

Alastair Borthwick, president of global professional banking, will be promoted to CFO in the fourth quarter. Borthwick joined the enterprise in 2005 as head of global expenditure-grade debt cash markets and was formerly co-head of global cash markets. He expended the prior twelve decades at Goldman Sachs.

The bank’s recent CFO, Paul Donofrio, will grow to be vice chair and will oversee sustainable finance and chair its sustainable markets committee.

The 5 new management crew customers are chief know-how and info officer Aditya Bhasin, chief functions government Tom Scrivener, global common counsel Lauren Mogensen, president of retail banking Holly O’Neill, and head of global professional banking Wendy Stewart.

“These alterations placement the enterprise with highly energized leaders who are dedicated to driving dependable progress by its next decade — delivering for our consumers, communities, and shareholders and addressing key societal concerns,” stated chairman and chief government officer Brian Moynihan. “As I shared with our board of directors, it will keep on to be my privilege to serve with them as CEO as we generate dependable progress by its next decade.”

The management overhaul comes weeks just after the lender declared chief running officer Tom Montag would be retiring at the stop of the calendar year. Montag was regarded the major prospect to succeed Moynihan if necessary.

Alastair Borthwick, Lender of The usa, CFO, Management