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Bank of America is not replacing Brian Moynihan immediately. As of October 26, 2026, Moynihan remains the bank’s chair and chief executive, and no handoff date has been announced. The succession question is nevertheless active: the bank elevated Dean Athanasia and Jim DeMare to co-presidents in September 2025, made CFO Alastair Borthwick part of the visible senior bench, and says its board reviews CEO succession at least annually. Reuters described the three executives as potential successors, while Moynihan said in September 2025, “I’m not going anywhere in the short term.”
Is Bank of America replacing Brian Moynihan now?
No. Moynihan has been Bank of America’s CEO since January 2010 and is still both chair and CEO in the bank’s 2026 annual-meeting materials. Neither the board nor Moynihan has announced a retirement date, a chosen successor or a transition timetable.
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Reuters reported that Moynihan intends to serve through the end of the decade, but that is an intention rather than a formal succession schedule. His own September 17, 2025 comment — “I’m not going anywhere in the short term” — points to continuity now while leaving the longer-term question open.
Why did Bank of America name co-presidents?
The September 12, 2025 appointments made succession development more visible and gave two executives responsibility across the whole company, not just one division.
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Dean Athanasia and Jim DeMare took enterprise roles
Athanasia and DeMare became co-presidents, with the bank’s business-line leaders reporting to them. Athanasia had previously run retail, preferred, business and global commercial banking. DeMare had led Global Markets. Their shared remit lets the board evaluate how each executive performs outside a single franchise.
Alastair Borthwick joined the public succession conversation
Borthwick became executive vice president and CFO. He had already served as CFO for four years when the appointments were announced. Reuters included him in the potential-successor group, making the contest a three-way internal race in public reporting rather than a simple two-person contest.
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Bank of America has not designated a successor. The three executives below are the clearest publicly identified internal candidates, but each represents a different leadership profile.
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| Candidate | Current position | Record cited by the bank or Reuters | What the board must assess |
|---|---|---|---|
| Dean Athanasia | Co-president | Previously led retail, preferred, business and global commercial banking. Bank of America credited his leadership with 26 consecutive quarters of net checking-account growth and deposits about 32% above 2019 levels through the latest reported quarter. | Whether his consumer and commercial-banking distribution experience scales across markets, investment banking and the rest of the enterprise. |
| Jim DeMare | Co-president | Former head of Global Markets. The bank reported 13 consecutive quarters of year-over-year sales-and-trading growth under his leadership. | How his markets expertise, capital-markets growth and risk judgment translate to leadership of the consumer and commercial franchises. |
| Alastair Borthwick | Executive vice president and CFO | CFO for four years at the time of the 2025 announcement; included by Reuters among the potential successors. | Financial stewardship, capital allocation, investor credibility and enterprise-wide operating judgment. |
The co-president structure does not guarantee that either co-president will become CEO. It gives the board more evidence to compare, while Borthwick remains a credible option if directors prioritize financial control and capital discipline.
How does Bank of America’s succession process work?
The proxy says the board formally reviews CEO and senior-management succession at least once a year. It held two formal succession-planning sessions in 2025, in addition to evaluating potential successors in board and committee meetings and in less formal interactions.
- The CEO and chief people officer provide candidate recommendations and development evaluations.
- Directors assess executives through board and committee contact, rather than relying only on written plans.
- Independent directors meet privately to review the CEO’s performance and compensation.
- The lead independent director participates in CEO succession planning.
This process allows the board to prepare for an eventual change without signaling that a change is imminent. It also matters because Bank of America is a systemically important financial institution whose disruption would have consequences well beyond one business unit.
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Is governance pressure affecting the succession debate?
Shareholders have questioned whether one person should continue to hold both the chair and CEO positions. A proposal to separate the roles received 32.6% support at the May 2026 shareholder meeting and failed, so the combined structure remained in place.
That vote did not select a CEO or force a timetable. Its significance is that nearly one-third of votes favored a different oversight structure, giving the board a measurable signal about investor concern over independence and accountability.
On October 21, 2026, the board added Jim Fitterling, former CEO of Dow, and Bill Thomas, former CEO of KPMG International. The appointments add former-chief-executive and financial-reporting experience to the board. Lead independent director Lionel Nowell said the bank has a “longstanding, robust succession planning and board refreshment process.” The additions strengthen oversight capacity but do not announce a replacement for Moynihan.
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Can the bank afford a gradual transition?
Current operating results give the board room to plan rather than react to a crisis. Bank of America reported $113.1 billion in revenue and $30.5 billion in net income for 2025, and its annual-report and shareholder-letter materials described a workforce of more than 213,000 employees.
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|---|---|---|
| 2025 revenue | $113.1 billion | Bank of America’s full-year 2025 figure. |
| 2025 net income | $30.5 billion | Bank of America’s full-year 2025 figure. |
| CEO total compensation | $41 million | Compensation approved in 2026 for 2025, according to the bank’s SEC Form 8-K; the comparable 2024 figure was $35 million. |
| Employees | More than 213,000 | Reported in 2025 annual-report and shareholder-letter materials. |
Those numbers do not predict who will win the succession contest. They explain why the board can emphasize continuity while building a deeper bench: performance is strong enough to support deliberate development, yet the scale of the institution makes an unplanned departure unacceptable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What would show that succession has moved beyond preparation?
Readers should distinguish routine bench-building from a formal selection process. The clearest signs of a transition would be a board announcement naming one successor, a stated effective date, or a change that gives one candidate responsibilities clearly above the others.
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- A named successor: the board identifies one executive rather than describing several candidates.
- A transition date: the company sets when Moynihan will leave the CEO role, even if he remains chair.
- A role separation: the bank announces whether the next CEO and chair will be the same person.
- A broader operating mandate: one candidate receives unmistakable authority over the full franchise and succession-related communications.
Until one of those events occurs, the evidence supports a managed, medium- to long-term succession plan rather than an imminent handoff.
Frequently Asked Questions
Has Bank of America set Brian Moynihan’s retirement date?
No formal retirement or CEO-transition date has been disclosed in the 2026 materials. Public comments indicate that he plans to remain in the job in the near term, while the board continues its regular planning process.
Does becoming a co-president mean Athanasia or DeMare will become CEO?
No. The appointments broaden their responsibilities and give directors more evidence to evaluate, but the board has not selected either executive. Borthwick remains part of the publicly discussed internal candidate group.
Why did a failed chair-and-CEO split proposal still matter?
The proposal failed, so the governance structure did not change. Its 32.6% support nevertheless shows that a substantial minority of shareholders wants greater separation between oversight and management, an issue the board must continue to monitor.
What should investors watch for in the next succession update?
Look for a named successor, an effective date, or a clear decision about whether the next CEO will also serve as chair. A change in one candidate’s enterprise-wide authority would also indicate that planning had moved toward selection.
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