Bank of America announces new financial, technology and legal officials

Bank of America CEO Brian Moynihan announced the broader review of the management of his 12-year term at the top of the giant financial institution.

In a note distributed Friday to employees, Moynihan appointed a new chief financial officer, chief technology officer, general manager and managing director. The firm’s management team added five new members, he said.

“These changes position the company with high-energy leaders who are committed to driving responsible growth during its second decade: offering our customers, communities and shareholders and addressing society’s key issues,” Moynihan said in the note . “As I have shared with our board of directors, it will continue to be my privilege to serve with them as CEO as we drive responsible growth during their second decade.”

The moves consolidate Moynihan’s position at the head of Bank of America, the second largest US bank by assets. Moynihan took over in 2010, stumbling at first with the gigantic task of clearing up the mess left by the acquisition of his predecessor’s countrywide mortgage lender in the depths of the financial crisis. Since then, it has consolidated the ship, reducing costs and improving yields.

The review comes weeks after the firm announced the departure of chief operating officer Tom Montag, who was widely considered the leading candidate to replace Moynihan if necessary. According to a person with knowledge of the company, there is no imminent need to appoint another COO.

Instead, several division chiefs who reported to Montag will now be presented directly to Moynihan. This includes Jim DeMare, who continues in his role as head of the firm’s global business, and Matthew Koder, who remains head of the global corporate banking and investment division.

These are the most important changes to Moynihan’s 2,249 word note:

* Alastair Borthwick, a former Goldman Sachs executive who led the world’s largest commercial bank, will replace Paul Donofrio as chief financial officer in the fourth quarter. Donofrio, who served six years as chief financial officer, will become the bank’s vice president and oversee the bank’s sustainable financing efforts.

* Aditya Bhasin has been appointed head of technology and information and Tom Scrivener has been appointed chief operating officer; the two men will replace Cathy Bessant, who served as head of technology for more than 12 years. Bessant will move to Paris to become the bank’s vice president of global strategy.

* Lauren Mogensen was promoted to general counsel, succeeding David Leitch, who will retire next year. Mogensen had previously been the bank’s head of global compliance and operational risk.

* Mr. Steve Boland has been appointed managing director to replace Andrea Smith, who is retiring after 34 years in the bank.

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