BofA CEO Brian Moynihan names co-presidents in move seen as succession planning, vows to stay until 2030

Bank of America Chief Executive Brian Moynihan unveiled a new leadership structure Monday that industry observers say looks like the opening of a succession process, while he also signaled an intention to remain in the top job through 2030.

Moynihan, 65, named Dean Athanasia, head of regional banking, and Jim DeMare, head of global markets, as group co-presidents. He also elevated Chief Financial Officer Alastair Borthwick to executive vice president and said Borthwick would serve as a “strategic advisor” to the management team.

In announcing the changes, Moynihan described Athanasia and DeMare as long-serving leaders with broad experience. “Over the last 15 years, Dean and Jim have each served as leaders, strategists, and stewards of growth,” he said. Of Borthwick, Moynihan said, “His financial stewardship and broad leadership have been instrumental to our progress. Through his tenure as CFO, we have strengthened every major aspect of our balance sheet.”

Moynihan took the reins at Bank of America in 2010 as the Charlotte-based lender dealt with the fallout from the 2008 global financial crisis. The appointments come as the bank prepares to report third-quarter results on Oct. 15 and to host its 2025 investor day in Boston on Nov. 5.

The promotion of two senior business heads to co-president roles was widely interpreted as formalizing a leadership bench that could compete to succeed Moynihan. The CEO, however, said he plans to lead the bank at least through the remainder of the decade.

Some market participants and internal staff have expressed impatience with the pace of change under Moynihan, according to earlier reporting in the New York Post. That reporting quoted staff complaints about a conservative management style and an aversion to taking certain trading risks, and warned that a perceived failure to shift could leave the bank vulnerable to activist pressure.

Analysts noted the tension between Moynihan’s stated desire to remain in the role and investor expectations for stronger performance. “It’s nice to want to continue as the CEO for five more years, but there’s increasing pressure to improve performance and stock price,” Mike Mayo, a banking analyst at Wells Fargo, said. Mayo identified the corporate and investment bank, the private bank and Merrill Lynch as areas where performance could be improved.

Bank of America shares have risen about 15% year to date, trailing larger rival JPMorgan Chase, whose stock is up roughly 28% in the same period, and lagging the S&P banking index, which has gained about 20% this year.

The moves also reflect a broader trend among big U.S. banks to clarify succession plans and consolidate leadership roles after more than a decade of post-crisis restructuring. BofA’s naming of co-presidents places two senior operators in visible positions that could ease a transition if Moynihan departs, but company officials and Moynihan have framed the changes as part of ongoing management evolution rather than an immediate handover.

Moynihan’s announcements set internal expectations for leadership responsibilities and external focus on performance metrics ahead of the bank’s upcoming quarterly report and investor day, when executives are likely to face detailed questions from analysts and shareholders about strategy, capital allocation and plans to boost growth in underperforming units.