Wall Street Beat: Bank of America Puts a New Generation to Test
Bloomberg – There was JPMorgan, then Morgan Stanley. Now Bank of America is elevating a swath of new leaders — the bank’s biggest shift in talent in a generation.
Bank of America CEO Brian Moynihan has no plans to step down in the coming years, signaling to his team that he intends to stay throughout the decade, sources familiar with the matter tell Bloomberg’s Katherine Doherty, who was first with the news. And as his long-time deputy Tom Montag steps down, there’s no formal successor in his place.
A handful of people were elevated, including two investment-banking veterans who will now report to Moynihan himself. Among the rising stars:
- Matthew Koder, who leads corporate and investment banking
- Jim DeMare, who runs global markets
- Dean Athanasia, the consumer unit leader, adds responsibilities in commercial and business banking and is one of the bank’s longest-serving executives
- Alastair Borthwick becomes the finance chief as Paul Donofrio steps to a vice chair role
Long-time technology and operations executive Cathy Bessant is moving to Europe and taking a vice-chair role. And among five new members added to the senior leadership team, three are now women. The firm has been diversifying its top ranks, with more Black and Asian executives now directly reporting to the CEO.
Here’s the full story on the moves, and another on what it means for succession planning. Long story short, there’s no clear successor — yet there’s time for the executives to prove they can compete in key businesses at a time of great change for Wall Street.
So many of us remember exactly where we were on 9/11, 20 years ago. Cantor Fitzgerald CEO Howard Lutnick lost most of his firm’s New York workforce in the attack. Tom Michaud of KBW lost 67 employees that day. We spoke to both of them on Friday.
“It’s very important that 9/11 not just become three paragraphs in a history book,” Michaud said. “It’s important that as we move forward, that we write the next chapters.”
“The reason why we were able to rebuild and move forward was because of all the determination, the resilience, the empathy, the good will and the unity that existed in our country immediately after 9/11,” Michaud said.
There are countless stories of our heroes, but here’s one story of Morgan Stanley’s Rick Rescorla, in a New Yorker piece from 2002 that brings us into the life of the bank’s security chief who died as he sought to save so many others.
There are the families of lost loved ones, and there are the children who have grown up and become firefighters and police officers — or have followed their parents into Wall Street. Here is the story of generation 9/11, as Bloomberg’s Mary Biekert spoke to those children, who are now adults.
“I never thought I wanted to end up working for Sandler,” said Evan Lozier. Now, when he has an important meeting, he carries a silver dollar that his father used to have — a reminder to try as hard as he can, as his father taught him. “Maybe I’ll be up till three in the morning,” he says. “But at least I’m satisfied, and at least my dad would be satisfied.”