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Bank of America Announces Senior Leadership Changes

September 10, 2021 at 8:04 AM Eastern

Bank of America today announced senior leadership changes to position the company for long-term success, while continuing to deliver for clients, communities and shareholders.

The company is adding five new members, including three women, to the senior management team, further strengthening diversity at the most senior levels of the company. When all of the changes are complete, Bank of America’s senior management team will include individuals with an average of 21 years of service in the company and 31 years in the financial services industry, with increased global and international expertise; and more diversity of gender and race than ever before in the company’s history.

“These changes position the company with highly energized leaders who are committed to driving Responsible Growth through its second decade – delivering for our clients, communities and shareholders, and addressing major societal issues,” said Chairman and Chief Executive 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 Responsible Growth through its second decade.”

Below is the letter that Moynihan shared with the company’s teammates today.

To my teammates,

We established the path forward for our company nearly 12 years ago as we emerged from the global financial crisis with our focus on Responsible Growth. As we stated then, we drive Responsible Growth through four tenets: we must grow and win in the market; we must grow through our customer-focused strategy serving people, companies and institutions; we must grow in alignment with our risk framework; and we must grow in a sustainable manner through operational excellence, being a great place to work, and sharing success with our communities.

This steadfast focus has enabled us to build strength quarter by quarter, year over year – to record levels of earnings, market capitalization, client and employee satisfaction, and brand and reputation. Our momentum has continued through the healthcare crisis and unprecedented challenges of the past 20 months with your terrific efforts and leadership.

Also core to our long-term progress is our ongoing effort to develop generations of diverse leaders who are deeply experienced and energized to drive the company’s growth. As we focus on the path ahead and what it requires, and individuals decide they are ready to transition and/or retire, we are able to promote and expand colleagues from inside the company resulting in new opportunities, smooth transitions, and continued momentum.

Today, we are announcing important steps forward in our management team for the company.

Our management team going forward will include individuals with many years of outstanding leadership in our company and the industry, increased global and international expertise, and more diversity of gender and race than ever before in our history. Leaders who are assuming new and expanded roles on the team have deep and broad experience in different areas, while firmly sharing a commitment to drive our company and Responsible Growth through its second decade, with me and with all of you.

We continue to serve our clients through our eight lines of business and our International organization, led by the following individuals on our Management Team, who will report to me unless otherwise noted:

• Andy Sieg, president of Merrill Lynch Wealth Management and Katy Knox, president of Bank of America Private Bank will continue in their current roles.
• Jim DeMare, president of Global Markets will continue to lead this business, inclusive of equity and fixed income sales and trading and client coverage on a global basis, as well as Global Commercial Real Estate. He will also continue to serve on our Sustainable Markets Committee playing a critical, business leadership role in those efforts.
• Matthew Koder, president of Global Corporate & Investment Banking (GCIB) will continue to lead this business, inclusive of Global Transaction Services. Purna Saggurti will become a vice chair of the bank, reporting to Matthew and will continue to work with me on our Global Advisory Council.
• Bernie Mensah, president of International and CEO of Merrill Lynch International will lead our extensive business across the United Kingdom, the European Union, Central and Eastern Europe, Middle East, Africa, Asia Pacific and Latin America. Working closely with our global and regional senior management teams and country executives, he is responsible for the leadership and execution of our key priorities in over 35 countries from which we serve our clients around the world.
• Raul Anaya, president of Business Banking and Aron Levine, president of Preferred Banking continue in their current roles and will report to Dean Athanasia.
• Holly O’Neill has been appointed president of Retail Banking, reporting to Dean and joining our Management Team. Holly has most recently been chief client care executive & head of Consumer Client Services, including oversight of all client contact centers in the company. She was also chief operating officer in our wealth management businesses and joined the bank in 1996.
• Wendy Stewart has been appointed president of Global Commercial Banking, reporting to Dean and joining our Management Team. Wendy is also president of Atlanta for the company. She most recently was co-head of Global Commercial Banking in the southeast and head of Wholesale Credit Strategy. She joined our company in 1996, working in the consumer and commercial businesses.

Sanaz Zaimi, head of Fixed Income, Currencies and Commodities (FICC) Sales, CEO of BofA Securities Europe SA (BofASE) and country executive for France has informed us of her decision to leave the bank to pursue other interests. During her 12 years at Bank of America, Sanaz has successfully led the Global FICC Sales organization by building the franchise and developing key client relationships globally. In addition, she was instrumental in the establishment of our new EU investment firm, BofASE, and the build-out of the firm’s new EU Sales and Trading hub in Paris to ensure we could effectively service our clients post-Brexit. Sanaz will transition through the end of the year, working with her team to ensure a seamless handover.

Our Management Team will also include the following leaders in corporate-wide roles. These leaders will report to me unless otherwise noted.

Cathy Bessant will become vice chair, Global Strategy working with our European boards and focused on our global integrated strategy, governance, and client and regulator engagement. Cathy has worked as our chief technology & operations officer for more than 12 years and previously led multiple business lines, staff support areas and regions since joining the company in 1982. I have asked her to relocate to Paris and assume this enterprise-wide vice chair role providing leadership within and beyond our European presence. This builds on the tremendous impact Cathy has had in the company including through her efforts to develop talented, highly capable leaders for the future.

This long-tenured team of highly energized individuals is committed to drive Responsible Growth, delivering for our clients, communities, and shareholders and addressing major societal issues. As I shared with our Board of Directors, it will continue to be my privilege to serve as CEO with them and with you.

You can read more about the team on Flagscape, including additional information about their experience in our company and industry, and will hear more information from leaders who are assuming new or expanded roles next week and in the days to follow.

Thank you for all you are doing to serve our clients and communities every day.

Forward-Looking Statements

Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

Forward-looking statements represent Bank of America’s current expectations, plans or forecasts of its future results, revenues, expenses, efficiency ratio, capital measures, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward-looking statements due to a variety of factors. You should not place undue reliance on any forward-looking statement and should consider all of the precautionary statements, uncertainties and risks discussed in Bank of America’s filings with the Securities and Exchange Commission, including under Item 1A. “Risk Factors” of Bank of America’s Annual Report on Form 10-K for the year ended December 31, 2020, and in any of Bank of America’s other subsequent Securities and Exchange Commission filings.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs , and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Investors may contact:

Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com

Reporters may contact:

Jessica Oppenheim, Bank of America
Phone: 1.646.855.1600
jessica.oppenheim@bofa.com

Jerry Dubrowski, Bank of America
Phone: 1.646.855.1195 (office), 508.843.5626 (mobile)
jerome.f.dubrowski@bofa.com