Bank of America Names New CFO

Alastair Borthwick

Bank of The united states introduced a administration overhaul on Friday, replacing its finance main and adding 5 new users to the senior administration team. 

Alastair Borthwick, president of world business banking, will be promoted to CFO in the fourth quarter. Borthwick joined the company in 2005 as head of world expenditure-grade personal debt funds markets and was previously co-head of world funds markets. He expended the prior 12 years at Goldman Sachs.

The bank’s current CFO, Paul Donofrio, will develop into vice chair and will oversee sustainable finance and chair its sustainable markets committee.

The 5 new administration team users are main know-how and information officer Aditya Bhasin, main operations govt Tom Scrivener, world general counsel Lauren Mogensen, president of retail banking Holly O’Neill, and head of world business banking Wendy Stewart.

“These variations place the company with hugely energized leaders who are fully commited to driving responsible expansion by its second 10 years — providing for our customers, communities, and shareholders and addressing significant societal challenges,” claimed chairman and main govt officer Brian Moynihan. “As I shared with our board of directors, it will go on to be my privilege to provide with them as CEO as we push responsible expansion by its second 10 years.”

The administration overhaul will come months right after the bank introduced main working officer Tom Montag would be retiring at the conclusion of the 12 months. Montag was regarded as the major applicant to be successful Moynihan if needed.

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