Bill Gross warns on gold momentum as regional bank stocks tumble
CHARLOTTE - Bank of America (NYSE:BAC), currently trading near its 52-week high at $50.58, announced Friday a significant leadership reorganization, appointing Dean Athanasia and Jim DeMare as Co-Presidents while confirming Alastair Borthwick will continue as Executive Vice President and Chief Financial Officer.
The two new co-presidents will oversee the bank’s eight lines of business and drive company-wide initiatives focused on long-term growth and returns. According to the press release, they will work directly with Chair and CEO Brian Moynihan on strategic efforts including market share expansion, leveraging scale, managing expenses, and advancing AI-based tools.
Athanasia and DeMare bring nearly 60 years of combined financial services experience. Under Athanasia’s leadership, the bank has reported 26 consecutive quarters of net checking account growth and deposits up roughly 32% from 2019 through last quarter. DeMare’s teams have posted 13 consecutive quarters of year-over-year growth in sales and trading.
Borthwick, who has served as CFO for the past four years, will continue in that role with expanded responsibilities as a strategic advisor and leader of the company’s positioning with its global investor base.
"These leadership appointments will drive our efforts to build and deliver Bank of America’s capabilities across the globe," said Moynihan in the announcement.
The bank’s Management Team under Moynihan’s leadership remains otherwise unchanged. Bank of America serves approximately 69 million consumer and small business clients through approximately 3,700 retail financial centers and 15,000 ATMs across the United States, with operations in over 35 countries.
The leadership changes come as the bank continues to focus on what it calls "Responsible Growth" - a strategy it established more than a decade ago.
In other recent news, Bank of America has been involved in several notable developments. Summit Ridge Energy secured a $305 million financing package with Bank of America to fund community solar projects in Illinois and Maryland. This credit facility includes a $281 million term loan and a $24 million letter of credit facility. Analysts have also expressed optimism about Bank of America’s prospects. TD Cowen reiterated a Buy rating with a price target of $54, citing a favorable earnings outlook. Keefe, Bruyette & Woods maintained an Outperform rating with a $57 price target after discussions on macroeconomic conditions and financial performance. Freedom Broker raised its price target to $56.50, citing sector tailwinds and a positive earnings forecast. In a separate legal matter, Bank of America, among other banks, is implicated in a lawsuit filed by the New York Attorney General against Zelle’s operator, Early Warning Services, LLC, over alleged fraud losses exceeding $1 billion.
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