Bank of America Plans Shake-Up of Senior Leadership Ranks

Leadership Succession at Bank of America - Brian Moynihan has been the CEO of Bank of America for 15 years, since January 2010 [1][2] - Discussions are ongoing regarding promotions for market heads like Jim DeMar, potentially narrowing the slate of CEO successors [3] - Moynihan aims to remain CEO until the end of the decade, targeting a 20-year tenure [3] - Jim DeMar is a potential successor, currently holding the senior-most role in the markets business since Tom Montag's departure in 2021 [4][5] Internal Dynamics and Considerations - Tom Montag, former head of the market's business and COO, left Bank of America and joined Goldman Sachs' board [5][6] - The departure of Montag left a significant leadership void, leading to multiple individuals reporting directly to Moynihan [7] - There are internal discussions about whether Jim DeMar, currently 56, would be the best candidate at 61 if Moynihan stays until the end of the decade [8] - Selecting DeMar as CEO at 61 would make him one of the oldest first-time CEOs of a major bank [9] Potential Motivations and Challenges - Senior leaders may remain at Bank of America for the financial stability and prestige, even without a guaranteed shot at the CEO position [10]