Bank of America has unveiled one of its most significant management restructurings in years, a move widely interpreted as the beginning of a carefully managed succession process. On September 12, 2025, the bank announced that Dean Athanasia, previously head of Regional Banking, and Jim DeMare, who led Global Markets, have been promoted to the newly created roles of co-presidents. At the same time, Alastair Borthwick, the bank’s Chief Financial Officer, received an expanded portfolio, adding the title of Executive Vice President while retaining his responsibilities as CFO.
The reorganization reflects an effort to build a clearer leadership pipeline inside one of the world’s largest financial institutions. Since taking over as CEO in 2010, Brian Moynihan has guided Bank of America through post-crisis restructuring, regulatory reforms, and an era of digital transformation. Now, as he prepares the bank for its next phase, Moynihan has reiterated his intention to remain in the CEO role for the foreseeable future, but underscored that the latest promotions are designed to strengthen succession planning and provide transparency about the bank’s long-term strategy.
In a statement accompanying the announcement, Moynihan emphasized that the leadership shuffle was not about imminent change at the top but about ensuring stability and continuity. He described the appointments as a way of positioning trusted leaders in roles that will allow them to gain broader oversight of the company’s operations, while also signaling to investors and regulators that the bank is thinking carefully about its future leadership.
The new co-president structure places Athanasia and DeMare in charge of all eight of the bank’s major business lines. Athanasia, with his background in consumer and commercial banking, brings extensive experience in retail operations and customer-facing businesses. DeMare, on the other hand, has spent his career in the trading and markets side of the institution, building Global Markets into one of the bank’s most consistent sources of revenue. Their complementary expertise reflects Bank of America’s ambition to balance its strengths in traditional retail banking with its push for growth in global markets and investment banking.
Borthwick’s elevation also signals his role as a central figure in the bank’s leadership bench. Since becoming CFO, he has been instrumental in maintaining strong capital positions and managing costs, particularly during periods of market volatility. His promotion to Executive Vice President consolidates his influence over both financial strategy and broader operational oversight.
Analysts see these moves as long overdue steps toward institutionalizing leadership continuity at Bank of America. While peers such as JPMorgan Chase and Morgan Stanley have publicly mapped out potential successors, Bank of America has historically been more reserved, leading to speculation about who might one day replace Moynihan. By elevating Athanasia, DeMare, and Borthwick, the bank has made clear that it intends to cultivate multiple credible contenders rather than anoint a single heir apparent.
The restructuring also comes at a critical moment for the bank. Later this fall, Bank of America will host its long-anticipated Investor Day in Boston on November 5, the first such event in more than a decade. The timing is notable, as investors will have an opportunity to hear directly from the newly elevated executives and assess their vision for the bank’s future. Analysts expect the event to showcase how the reshaped leadership team plans to tackle emerging challenges, from digital banking innovation to tighter regulatory oversight and the evolving dynamics of global markets.
The bank’s decision to distribute leadership responsibilities is also seen as a response to the increasingly complex environment in which large financial institutions operate. With global markets volatile, digital transformation accelerating, and regulatory scrutiny remaining high, relying on a broader leadership team allows Bank of America to spread decision-making across executives with diverse skill sets. This not only reduces dependence on a single leader but also creates space for rising executives to prove their capabilities on a larger stage.
For Moynihan, who has guided the bank through 15 years of change, the leadership shuffle represents a strategic bet on stability and preparation. By publicly naming and elevating a set of leaders, he is both reassuring investors about continuity and allowing the next generation of executives to gain visibility and experience in top roles. The question of who will eventually succeed him remains open, but the direction is now much clearer.
The moves signal to markets and employees alike that Bank of America is intent on planning well ahead for its future. Whether Athanasia, DeMare, or Borthwick ultimately takes the helm when Moynihan steps down, the new structure positions the bank to maintain stability while continuing to evolve. With Investor Day approaching, the financial community will be closely watching how these leaders present themselves and how the bank’s strategy unfolds under its restructured leadership team.