In a major overhaul, Bank of America has announced several changes in its management. This is the revamp under the 12-year tenure of Chief executive officer Brian Moynihan. As part of the changes, the bank will see five new members of the senior management team is elevated. This would include three women. In a memo distributed to employees, the CEO has named the new chief financial officer, chief administrative officer, and general counsel. 61-year-old Moynihan said that the changes in position have been done to make sure that young employees drive the growth of the bank through its second decade.
Moynihan also said that he would continue to serve as the chief executive officer of Bank of America. He has conveyed the same to the board of directors of the bank. Bank of America is the second-biggest bank in the United States by assets. The moves will solidify his position leading the bank. Moynihan has spent almost 11 years in the top post. He took over in 2010 and the first task he had was to clean the mess left behind by his predecessors. He has since been leading the bank and has taken several cost-cutting measures and steps to improve return.
The new changes have been announced just weeks after Bank of America announced that its chief operating officer Tom Montag was leaving. The news was nothing less than a shock for many as Montag was one of the leading candidates to succeed Moynihan if needed. According to people privy with the development, the bank feels that there is no imminent need to announce the successor of Montag. Also, all the heads of the division who were reporting to the COO will now directly report to the CEO. After the departure of Montag, Alastair Borthwick, D. Steve Boland, and Dean Athanasia are seen as probable contenders for the top post in the future. However, Moynihan has been vocal about his intentions of serving the bank for as long as he can. He also admires Warren Buffett who has been at the top position of Berkshire Hathaway for a long.
