BofA names Alastair Borthwick as chief financial officer amid management overhaul

Bank of America announced its most significant management changes since the financial crisis, replacing the chief financial officer and elevating five new members to the senior management team, including three women.

Alastair Borthwick, president of global commercial banking, will replace chief financial officer Paul Donofrio next quarter, the company said Friday in an internal memo seen by Bloomberg News. Dean Athanasia, head of the consumer and small-business unit, will take responsibility for the commercial bank. Sanaz Zaimi, head of fixed-income, currencies, and commodities sales, will leave the company, according to the memo.

The changes reflect the bank’s “ongoing effort to develop generations of diverse leaders who are deeply experienced and energised to drive the company’s growth,” chief executive Brian Moynihan, 61, said in the memo. “It will continue to be my privilege to serve with them as CEO as we drive responsible growth through its second decade.”

New direct reports to Mr Moynihan include Matthew Koder, Jim DeMare, Bernie Mensah, Lauren Mogensen, Aditya Bhasin, Tom Scrivener, Steve Boland, Bruce Thompson, and Mr Borthwick, according to people familiar with the changes.

The shakeup follows last month’s announcement that chief operating officer Thomas Montag plans to depart. Mr Montag, who’s also responsible for the investment-banking operations, plans to retire at year-end -- as does Vice Chairman Anne Finucane. Both executives will stay on as members of the company’s global advisory council, Charlotte, North Carolina-based Bank of America said in August.

Mr Montag has overseen the investment bank since he joined Bank of America through its takeover of Merrill Lynch during the 2008 financial crisis.

New members of the management team include Mr Bhasin, Ms Mogensen, Holly O’Neill, Mr Scrivener and Wendy Stewart, according to the memo.

Mr Donofrio, the chief financial officer, will become vice chairman, overseeing sustainable finance.

Andrea Smith, chief administrative officer, will retire at year-end after almost 34 years at the bank, according to the memo.