May 21, 2024

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Bank of America Names New CFO

Alastair Borthwick

Financial institution of America introduced a administration overhaul on Friday, replacing its finance main and introducing five new users to the senior administration workforce. 

Alastair Borthwick, president of international professional banking, will be promoted to CFO in the fourth quarter. Borthwick joined the firm in 2005 as head of international investment decision-grade personal debt cash markets and was formerly co-head of international cash markets. He put in the prior 12 yrs at Goldman Sachs.

The bank’s present-day CFO, Paul Donofrio, will turn out to be vice chair and will oversee sustainable finance and chair its sustainable markets committee.

The five new administration workforce users are main technologies and details officer Aditya Bhasin, main operations govt Tom Scrivener, international standard counsel Lauren Mogensen, president of retail banking Holly O’Neill, and head of international professional banking Wendy Stewart.

“These modifications situation the firm with remarkably energized leaders who are dedicated to driving accountable advancement via its next decade — offering for our clientele, communities, and shareholders and addressing key societal concerns,” mentioned chairman and main govt officer Brian Moynihan. “As I shared with our board of administrators, it will carry on to be my privilege to provide with them as CEO as we travel accountable advancement via its next decade.”

The administration overhaul arrives weeks after the bank introduced main working officer Tom Montag would be retiring at the close of the year. Montag was thought of the prime prospect to do well Moynihan if essential.

Alastair Borthwick, Financial institution of America, CFO, Administration