Bank of America has announced senior leadership changes, with the appointment of Dean Athanasia and Jim Demare as co-presidents of the company, and Alastair Borthwick as the new Executive Vice President and Chief Financial Officer. Brian Moynihan, the Chair and CEO, expressed confidence in these appointments and highlighted the extensive experience of the newly appointed leaders.
Under Dean's leadership, the company reported 26 consecutive quarters of net checking account growth, with deposits increasing by approximately 32% from 2019 through the last quarter. Additionally, there have been record levels of digital adoption across consumer and wealth management. Meanwhile, under Jim's leadership, the teams posted 13 consecutive quarters of year-over-year growth in sales and trading, leading to a significant increase in net income and returns during that period.
Alastair, who has been appointed as the new CFO, has played a significant role in strengthening every major aspect of the company's balance sheet over the past four years. During his tenure, the company strategically deployed capital to key growth and investment areas, drove expense management, and in the second quarter of this year, returned $7.3 billion to shareholders through common stock dividends and share repurchases.
These changes in leadership signal a strategic shift in the company's focus on responsible growth and are expected to further drive the company's progress in the coming years. Following these announcements, the company's shares moved -0.34%, and are now trading at a price of $50.58. If you want to know more, read the company's complete 8-K report here.
