Moynihan Affirms Long-Term Role While Preparing Successors
Brian Moynihan, Chairman and Chief Executive Officer of Bank of America, reiterated in recent remarks that he has no intention of leaving his role in the near future. Speaking in a Bloomberg TV interview, he asserted that while move-on is not imminent, his duty—and that of his management team—is to ensure that individuals with the requisite experience are positioned to lead in the future. He said: “I’m not going anywhere in the short term … it takes a while to set that up and get people used to the size and scale of this company.”
In a related announcement, Moynihan emphasized that the bank is adopting more structured measures for leadership continuity. The appointments of Dean Athanasia and Jim DeMare as co-presidents, and the elevation of Alastair Borthwick (Chief Financial Officer) to Executive Vice President, are viewed by analysts at firms such as Piper Sandler as identifying the leading internal prospects for Moynihan’s eventual successor.
Organizational Restructuring Highlights Depth of Leadership
Bank of America formally announced leadership changes intended to strengthen its senior management structure. The bank’s press release detailed that Athanasia and DeMare will lead the company’s eight lines of business and coordinate with business line presidents—including Holly O’Neill, Lindsay Hans, Eric Schimpf, Katy Knox, Raul Anaya, Sharon Miller, Wendy Stewart, and Matthew Koder—who will continue in their current roles. These co-presidents will assume responsibility for business line performance, strategic investments, market expansion, cost management, digital innovation, and operational excellence.
Alastair Borthwick retains his CFO duties while taking on additional enterprise-wide oversight, including global real estate and increased engagement with investors. Moynihan described the group as collectively having “nearly 60 years of experience in financial services across every client segment, market, function, and industry.”
Performance Context and Market Pressures
Moynihan has led Bank of America since 2010, a tenure that has spanned the bank’s recovery following the global financial crisis, through an era of transformation and expansion.Under his leadership, the bank has emphasized what it terms “Responsible Growth”, seeking growth aligned with risk controls and stakeholder expectations.
Investors and analysts are watching closely as the bank’s stock has posted gains, 15% year-to-date, but still trails peers. For example, JPMorgan Chase has achieved a 28% increase and the S&P banks index roughly 20% in the same period. Observers note that Bank of America is under pressure to accelerate growth in slower-performing segments such as investment banking, wealth management, and its Merrill Lynch unit.
Macroeconomic Factors and UK Expansion
In his Bloomberg interview, Moynihan also discussed economic policy, particularly how future adjustments by the Federal Reserve, such as rate cuts of 25 or 50 basis points, must be balanced against inflation trends. He noted that inflation remains a central concern in determining where the federal funds rate may settle over time.
Separately, the bank is expanding operations in the United Kingdom, moving 1,000 employees there and launching its first operation in Northern Ireland, creating as many as 1,000 new jobs in Belfast. These moves are part of broader investment by U.S. financial firms in the UK, tied to trade and finance policy developments.
Succession Timing and Expectations
Moynihan, age 65, has publicly committed to leading Bank of America through the end of the decade. He has indicated that he intends to remain in his position at least until 2030, aligning this timeframe with the bank’s long-term strategy and ongoing transformations.
Although Athanasia, DeMare, and Borthwick are widely cited as top internal candidates for the CEO role, analysts caution that there is no guarantee one of them will be selected. Other potential candidates, including Holly O’Neill, are sometimes mentioned in commentary. Market participants are watching for future signals, including the upcoming Investor Day in Boston on November 5, 2025, where Bank of America may provide further clarity on strategy and leadership direction.