Bank of America names insider as CFO
Bank of America Corp.
BAC,
on Friday named insider Alastair Borthwick as chief financial officer, among a number of senior management changes at the megabank. He will take over in the fourth quarter from Paul Donofrio, who will become vice chair and oversee the bank’s sustainable finance and chair its sustainable finance committee. Borthwick has been president of global commercial banking for nine years. He previously worked as co-head of global capital markets. Among the other changes, Holly O’Neill will take the job as president of retail banking, after working most recently as chief client care executive and head of consumer clients services. Cathy Bessant will become vice chair, global strategy working with its European boards and focused on global integrated strategy, governance, and client and regulator engagement. She was previously chief technology and operations officer for more than 12 years. Also, Aditya Bhasin will be chief technology and information officer after working as chief information officer and head of technology for consumer, small business, wealth management, and employee technology. Global general counsel David Leitch plans to retire in 2022. Lauren Mogensen will become global general counsel for the company at the end of this year. She most recently worked as head of global compliance and operational risk. D. Steve Boland has been named chief administrative officer, taking over the job from Andrea Smith, who plans to retire. Bank of America shares have gained 34.5% this year, compared to a rise of 19.8% by the S&P 500
SPX,
