Bank of America Names Dean Athanasia and Jim DeMare Co-Presidents Amid Succession Planning

Bank of America has appointed Dean Athanasia and Jim DeMare as co-presidents, signaling succession planning as CEO Brian Moynihan, 65, remains committed to leading the bank through the end of the decade. The move positions both executives, along with Chief Financial Officer Alastair Borthwick—who was promoted to executive vice president—as potential contenders for the top job.

In a letter to employees, Moynihan said Athanasia and DeMare will oversee all business lines, with leaders reporting directly to them. “Dean and Jim will significantly increase the capacity, intensity, and expertise dedicated to our highest priorities,” he noted. The CEO, one of the longest-serving in the industry since taking over in 2010, emphasized continuity while investors watch for improved performance and stock growth.

Athanasia, 59, previously led four of the bank’s eight major divisions, including retail, business, and global commercial banking. The consumer unit remains BofA’s largest contributor, generating about 42% of revenue in the second quarter. DeMare, 56, leads the markets division, which has delivered 14 straight quarters of revenue growth. His team reported a 15% jump in second-quarter revenue, helping the bank exceed profit estimates.

Despite these strengths, analysts highlight areas needing improvement, including Merrill Lynch, the private bank, and corporate investment banking. Wells Fargo analyst Mike Mayo noted that while Moynihan’s intent to stay on is clear, pressure is mounting to lift BofA’s stock performance. Shares have risen 15% year-to-date, trailing JPMorgan Chase’s 28% gain and lagging the S&P bank index’s 20% increase.

As succession speculation intensifies, analysts suggest it is now a three-way race between Athanasia, DeMare, and Borthwick. Investors are also keeping a close eye on leadership changes at rivals, particularly JPMorgan CEO Jamie Dimon, who has led for over 19 years.