Bank of America Names New CFO

Alastair Borthwick

Bank of The united states announced a administration overhaul on Friday, changing its finance chief and incorporating five new members to the senior administration staff. 

Alastair Borthwick, president of world wide business banking, will be promoted to CFO in the fourth quarter. Borthwick joined the firm in 2005 as head of world wide financial investment-quality credit card debt money markets and was earlier co-head of world wide money markets. He put in the prior twelve decades at Goldman Sachs.

The bank’s latest 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 staff members are chief technology and details officer Aditya Bhasin, chief operations executive Tom Scrivener, world wide common counsel Lauren Mogensen, president of retail banking Holly O’Neill, and head of world wide business banking Wendy Stewart.

“These changes posture the firm with remarkably energized leaders who are fully commited to driving responsible growth via its 2nd decade — offering for our consumers, communities, and shareholders and addressing major societal challenges,” mentioned chairman and chief executive officer Brian Moynihan. “As I shared with our board of directors, it will keep on to be my privilege to provide with them as CEO as we generate responsible growth via its 2nd decade.”

The administration overhaul will come weeks right after the bank announced chief running officer Tom Montag would be retiring at the end of the 12 months. Montag was regarded the leading applicant to triumph Moynihan if wanted.

Alastair Borthwick, Bank of The united states, CFO, Management