Bank of America has announced significant senior leadership changes, with the appointment of Dean Athanasia and Jim Demare as co-presidents and Alastair Borthwick as the new executive vice president and chief financial officer (CFO) of the company.
Dean and Jim, who have nearly 60 years of combined experience in financial services, have been tasked with driving strategic efforts focused on increasing market share and returns, leveraging scale, and managing costs and expenses. They will also work directly with the presidents of the company's eight lines of business to accelerate growth plans, strategic investments, talent development, and stakeholder positioning.
Under Dean's leadership, the company has reported 26 consecutive quarters of net checking account growth, with deposits up roughly 32% from 2019 through the last quarter, and record levels of digital adoption across consumer and wealth management. Meanwhile, under Jim's leadership, the teams have achieved 13 consecutive quarters of year-over-year growth in sales and trading and significantly increased net income and returns.
As for Alastair, who has been serving as the company's CFO for the past four years, he has played a pivotal role in strengthening every major aspect of the balance sheet and strategically deploying capital to key growth and investment areas. In the second quarter of this year, the company returned $7.3 billion to shareholders through common stock dividends and share repurchases.
These leadership changes aim to further build and deliver Bank of America's capabilities across the globe, as the company continues to focus on serving its individual, corporate, and institutional clients through responsible growth. 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.
