Bank of America Promotes Alastair Borthwick to Chief Financial Officer; Unveils Broader Management Reshuffle

Bank of America has announced a significant reorganization of its senior leadership, with Alastair Borthwick stepping into the role of chief financial officer effective in the fourth quarter. The promotion marks a major shift in the bank’s executive structure, with five new members joining the senior management ranks—including three women—signaling the institution’s commitment to leadership diversity.

Alastair Borthwick Named New CFO With Expanded Leadership Role

Alastair Borthwick, who assumes the position of chief financial officer, will retain his responsibility as vice chair of the Global Diversity & Inclusion Council. His appointment reflects the bank’s confidence in his ability to navigate complex financial operations while championing diversity initiatives. This dual mandate positions Alastair Borthwick as a key figure in shaping both the bank’s financial strategy and its organizational culture heading into the coming years.

Outgoing CFO and Legal Leadership Transitions

Paul Donofrio, the current chief financial officer, will transition to a vice chair position where he will take charge of Sustainable Finance initiatives and chair the Sustainable Markets Committee. This move redirects his expertise toward the bank’s growing focus on environmental and social governance.

In the legal sphere, Lauren Mogensen will assume the role of global general counsel, succeeding David Leitch at the conclusion of the current year. Mogensen, who previously led Global Compliance & Operational Risk, brings deep expertise in regulatory matters to this elevated position. Leitch, set to retire in 2022, will become vice chair, concluding a distinguished tenure at the institution.

Additional Senior Management Changes Strengthen Diversity

Holly O’Neill has been appointed president of Retail Banking, transitioning from her previous role as chief client care executive and head of Consumer Client Services. Meanwhile, Wendy Stewart takes on the presidency of Global Commercial Banking while maintaining her position as president of the Atlanta region.

In a notable departure, Sanaz Zaimi, who led Fixed Income, Currencies and Commodities Sales and served as CEO of BofA Securities Europe SA and country executive for France, has decided to step down to pursue other professional opportunities.

Cathy Bessant, bringing over 12 years of experience as chief technology & operations officer, will assume the role of vice chair for Global Strategy. Additionally, Dean Athanasia expands his purview to include oversight of Global Commercial Banking and Business Banking as president of Regional Banking, reflecting the bank’s efforts to streamline operations across its commercial divisions.