Bank of America has announced key leadership changes, with Dean Athanasia and Jim Demare appointed as co-presidents, and Alastair Borthwick as the new Executive Vice President and Chief Financial Officer. Brian Moynihan, the Chair and CEO, highlighted that both Athanasia and Demare have nearly 60 years of experience in financial services and have led successful transformations in their respective business lines.
Under Dean Athanasia's leadership, Bank of America reported 26 consecutive quarters of net checking account growth, with deposits up approximately 32% from 2019 through the last quarter. The bank also achieved record levels of digital adoption across consumer and wealth management. Meanwhile, under Jim Demare's leadership, the teams posted 13 consecutive quarters of year-over-year growth in sales and trading, and significantly increased net income and returns during that period.
As the newly appointed EVP and CFO, Alastair Borthwick has been instrumental in strengthening every major aspect of the bank's balance sheet over the past four years. Under his financial stewardship, the bank strategically deployed capital to key growth and investment areas, drove expense management, and returned $7.3 billion to shareholders through common stock dividends and share repurchases in the second quarter of this year.
These leadership changes are part of the bank's ongoing focus on responsible growth, and they are expected to drive strategic efforts aimed at increasing market share and returns, leveraging scale, managing costs and expenses, and fostering innovation for clients.
The appointments are intended to further build and deliver Bank of America's capabilities across the globe. The management team, including the business heads who continue to lead and drive their individual areas, remains unchanged, with the new appointments expected to significantly increase the capacity, intensity, and expertise dedicated to the bank's highest priorities. As a result of these announcements, the company's shares have moved -0.05% on the market, and are now trading at a price of $50.555. For the full picture, make sure to review BANK OF AMERICA CORP /DE/'s 8-K report.
