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Bank of America is preparing for a future CEO transition, but Brian Moynihan has not announced a departure. As of October 26, 2026, he remains both chair and CEO, and he said in September 2025, “I’m not going anywhere in the short term.” No handoff date or successor has been named.
The bank has made succession more visible by giving Dean Athanasia and Jim DeMare enterprise-wide responsibility as co-presidents and keeping CFO Alastair Borthwick in the publicly identified successor group. The evidence points to a managed, medium- to long-term process rather than an imminent replacement.
Will Bank of America replace Brian Moynihan soon?
There is no announced replacement timetable. Moynihan has led Bank of America since January 2010 and remained chair and CEO in the bank’s 2026 annual-meeting materials. Reuters reported that he intends to serve through the end of the decade, while his September 17, 2025 statement ruled out a short-term exit without committing him to a specific retirement date.
That distinction matters: a visible successor bench is evidence of planning, not proof that the board has selected a new CEO.
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Why did Bank of America name co-presidents?
On September 12, 2025, Bank of America appointed Dean Athanasia and Jim DeMare as co-presidents. They assumed overall responsibility for the company’s business lines, with business heads reporting to them. Alastair Borthwick became executive vice president and CFO.
The structure gives the board a way to observe two operating leaders at enterprise scale instead of evaluating them only within their former divisions. Moynihan said the appointments would help build and deliver the bank’s capabilities globally. Reuters described Athanasia, DeMare and Borthwick as a three-way potential-successor race.
Who could become the next Bank of America CEO?
Public disclosures identify three internal executives most clearly. Their records point to different leadership profiles, so the eventual choice would involve more than simply ranking recent growth figures.
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| Candidate | Current role and evidence | Questions the board must weigh |
|---|---|---|
| Dean Athanasia | Co-president; previously led retail, preferred, business and global commercial banking. Bank of America credited his leadership with 26 consecutive quarters of net checking-account growth and deposits approximately 32% above 2019 levels through the latest quarter cited in its 2025 announcement. | Can his consumer and commercial-banking distribution record translate into leadership of markets, investment banking and the rest of the enterprise? |
| Jim DeMare | Co-president after leading Global Markets. The bank reported 13 consecutive quarters of year-over-year sales-and-trading growth during his leadership. | How do his markets expertise and capital-markets growth record balance against the demands of retail scale, risk control and full-bank management? |
| Alastair Borthwick | Executive vice president and CFO; he had held the CFO role for four years when the September 2025 appointments were announced. Reuters included him in the potential-successor group. | How would his financial stewardship, investor credibility and capital-allocation judgment translate into operating leadership? |
What does Bank of America’s formal succession process require?
Bank of America’s proxy says the board formally reviews CEO and senior-management succession at least annually. The board held two formal succession-planning sessions in 2025.
The CEO and chief people officer provide candidate recommendations and development evaluations. Directors assess potential successors in board and committee meetings as well as in less formal interactions. Independent directors meet privately to review the CEO’s performance and compensation, and the lead independent director participates in CEO succession planning.
This process allows the board to develop multiple options while the incumbent remains in place. It also means that a public announcement may come only after directors have completed a confidential evaluation, even if the candidates are already visible in operating roles.
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Is Brian Moynihan retiring?
Nothing in the cited public materials establishes a retirement date. Moynihan’s statement that he is not leaving in the short term and Reuters’ report that he expects to serve through the end of the decade support continuity, but neither is a binding employment commitment.
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How are shareholders responding to the leadership structure?
Shareholders have shown interest in governance even while the CEO transition remains unsettled. A proposal at the May 2026 annual meeting to separate the chair and CEO positions received 32.6% support and failed, so the combined structure remained in place.
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On October 21, 2026, the board added Jim Fitterling, the former Dow CEO, and Bill Thomas, the former KPMG International CEO. Their former-chief-executive and financial-reporting experience strengthens board oversight, but the appointments did not announce a new Bank of America CEO. Lead independent director Lionel Nowell said the bank has a “longstanding, robust succession planning and board refreshment process.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does the bank’s performance favor continuity?
The board can point to substantial operating results while it develops successors. Bank of America reported $113.1 billion in revenue and $30.5 billion in net income for 2025, and its annual-report and shareholder-letter materials cited more than 213,000 employees.
CEO compensation approved in 2026 for 2025 totaled $41 million, compared with $35 million for 2024, according to the bank’s SEC Form 8-K. Those figures do not determine succession, but they help explain why investors are examining performance, leadership depth and governance at the same time.
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What should investors watch next?
- Role expansion: A further change in the responsibilities of Athanasia, DeMare or Borthwick would provide a stronger signal about the board’s preferred profile.
- Proxy disclosures: Future annual proxies should show how the board describes succession review, leadership development and the chair’s relationship with the lead independent director.
- Board or regulatory filings: A formal appointment, retirement notice or material change in executive duties would normally be disclosed through company announcements or SEC filings.
- Governance votes: Another proposal concerning chair and CEO separation, or a change in its level of support, would indicate whether shareholder pressure is growing.
Frequently Asked Questions
Does naming co-presidents mean one has already been chosen as CEO?
No. The co-president appointments broadened Athanasia’s and DeMare’s enterprise responsibilities, but Bank of America has not designated either executive as CEO-in-waiting. Both remain subject to the board’s broader succession evaluation.
Could Bank of America appoint an external CEO instead?
The public succession discussion currently centers on Athanasia, DeMare and Borthwick. No external finalist has been disclosed, although a board could consider confidential candidates that do not appear in public announcements.
Where can investors verify a future leadership change?
Check Bank of America’s annual proxy, SEC Form 8-K filings, annual-meeting materials and executive announcements. Those documents are more authoritative than commentary about an unnamed timetable.
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