Bank of America Names New CFO

Financial institution of America announced a administration overhaul on Friday, replacing its finance chief and including five new members to the senior administration group. 

Alastair Borthwick, president of world business banking, will be promoted to CFO in the fourth quarter. Borthwick joined the corporation in 2005 as head of world financial commitment-quality financial debt capital marketplaces and was beforehand co-head of world capital marketplaces. He invested the prior 12 yrs at Goldman Sachs.

The bank’s present-day CFO, Paul Donofrio, will become vice chair and will oversee sustainable finance and chair its sustainable marketplaces committee.

The five new administration group members are chief engineering and info officer Aditya Bhasin, chief operations govt Tom Scrivener, world typical counsel Lauren Mogensen, president of retail banking Holly O’Neill, and head of world business banking Wendy Stewart.

“These alterations situation the corporation with highly energized leaders who are fully commited to driving accountable development via its second ten years — delivering for our purchasers, communities, and shareholders and addressing key societal issues,” stated chairman and chief govt officer Brian Moynihan. “As I shared with our board of directors, it will continue on to be my privilege to serve with them as CEO as we drive accountable development via its second ten years.”

The administration overhaul comes weeks right after the financial institution announced chief running officer Tom Montag would be retiring at the close of the 12 months. Montag was thought of the leading applicant to be successful Moynihan if necessary.

Alastair Borthwick, Financial institution of America, CFO, Management