December 10, 2023

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Bank of America Names New CFO

Alastair Borthwick

Financial institution of America announced a management overhaul on Friday, changing its finance chief and introducing five new members to the senior management staff. 

Alastair Borthwick, president of international industrial banking, will be promoted to CFO in the fourth quarter. Borthwick joined the corporation in 2005 as head of international investment decision-quality debt capital markets and was formerly co-head of international capital markets. He invested 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 five new management staff members are chief technological innovation and info officer Aditya Bhasin, chief operations government Tom Scrivener, international general counsel Lauren Mogensen, president of retail banking Holly O’Neill, and head of international industrial banking Wendy Stewart.

“These changes position the corporation with highly energized leaders who are committed to driving dependable development by way of its next ten years — delivering for our customers, communities, and shareholders and addressing significant societal troubles,” stated chairman and chief government officer Brian Moynihan. “As I shared with our board of directors, it will continue to be my privilege to serve with them as CEO as we drive dependable development by way of its next ten years.”

The management overhaul will come weeks right after the lender announced chief operating officer Tom Montag would be retiring at the end of the 12 months. Montag was thought of the major applicant to realize success Moynihan if required.

Alastair Borthwick, Financial institution of America, CFO, Administration