""In their new roles as co-presidents, Dean and Jim will work with me to drive broad-ranging, strategic efforts that are central to our long-term performance," Moynihan said in a memo announcing the change. "They will assume overall responsibility for the company's business lines, and the individual business heads will report to them," Moynihan said."
""We have a succession-planning exercise that goes on," Moynihan said at the Reuters Next conference, adding that "nothing is left to chance" on his potential replacement."
""Good work by Jimmy DeMare and the team," he said."
Bank of America elevated Jim DeMare and Dean Athanasia to co-presidents and named CFO Alastair Borthwick executive vice president. DeMare and Athanasia will work with CEO Brian Moynihan to drive broad-ranging strategic efforts and will assume overall responsibility for the company's business lines, with individual business heads reporting to them. Moynihan has led the bank since 2010 and has provided no indication of stepping down soon, and succession planning remains active. DeMare joined BofA in 2008 and has been credited with notable improvements in sales and trading revenue, including a 35% improvement over three years.
Read at Business Insider
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