Bank of America appoints new Chief Accounting Officer

Bank of America Corp (NYSE:BAC), a $350 billion market cap financial institution with annual revenues exceeding $96 billion, has announced a change in its executive team, with the appointment of a new Chief Accounting Officer (CAO), according to an 8-K filing with the Securities and Exchange Commission. Johnbull Okpara will take over the role effective March 1, 2025, succeeding Rudolf A. Bless, who has served as the bank’s CAO. The leadership change comes as Bank of America maintains a FAIR financial health score according to InvestingPro analysis, trading at a P/E ratio of 14.1.

Okpara, aged 53, joined Bank of America as Incoming Chief Accounting Officer in November 2024. He brings a wealth of experience from his previous position as Chief Accounting Officer and Controller at Citigroup Inc (NYSE:C)., where he served from November 2020 to September 2024. Before Citigroup, Okpara held significant roles at Morgan Stanley (NYSE:MS), including Managing Director, Global Head of Financial Planning and Analysis, and Chief Financial Officer for Infrastructure Groups.

The transition comes as part of a planned succession, with Bless continuing his employment at Bank of America to assist Okpara during the changeover. Okpara’s compensation package as CAO includes an annual salary of $600,000 and an incentive award of no less than $5,400,000, contingent upon approval by the bank’s Compensation and Human Capital Committee for the performance year 2025.

This executive shift reflects Bank of America’s ongoing adjustments within its leadership structure. The information disclosed in this article is based on the latest SEC filing by Bank of America.

In other recent news, Bank of America is forecasting record net interest income (NII) for 2025. Holly O’Neil, the head of Bank of America’s retail banking unit, revealed that the bank expects its NII to grow to between $15.5 billion and $15.7 billion by the fourth quarter of 2025, with a growth rate of 6% to 7%. This projection is supported by strong consumer sector performance and stable consumer spending, which saw a 4% increase in 2024. Additionally, Bank of America reported $27.1 billion in earnings and $100 billion in revenue for the past year. Analysts from UBS have noted the bank’s robust growth across all business segments, driven by organic and fee-based growth along with NII.

In a separate development, leading banks, including Bank of America, have sold a substantial portion of the $13 billion debt that backed Elon Musk’s acquisition of Twitter, now known as X, in 2022. This recent sale involved $4.74 billion worth of secured loans, with the banks having almost entirely offloaded the debt carried for nearly two years. The sale attracted interest from large fund managers, offering exposure to X’s stake in Musk’s artificial intelligence startup, xAI. Meanwhile, Bank of America has also released a report detailing shifts in foreign ownership across various South African sectors, noting declines in resources, financials, and industrials.

Brian Moynihan, CEO of Bank of America, has expressed concerns about over-regulation, suggesting it as a reason for customers losing access to the US banking system. He highlighted the heavy burden placed on banks by anti-money-laundering regulations and the Bank Secrecy Act. These recent developments reflect Bank of America’s strategic focus on growth and regulatory challenges.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.