Bank of America: Ready to break out at last?
Chief executive Brian Moynihan will be hoping that a management reshuffle has set the bank on track to finally make good on the promise of its sprawling reach.
When Bank of America chief executive Brian Moynihan reshuffled his executive team in September, it was in part to reorganise his bench to accommodate the shift of chief financial officer Paul Donofrio to be head of sustainable finance, and the retirements of chief operating officer Tom Montag and vice-chair Anne Finucane.
But it was also aimed at putting the bank on track to deliver a more integrated approach to its product and client spectrum.
The continuum approach that it takes to banking corporates, all the way from its business banking clients with revenues from $5 million to its corporate and investment banking clients with revenues in the billions, is one example of that. It mirrors its portfolio approach to product, with the objective of doing anything that a client might want. The bank argues it has global expertise and local delivery.
In a presentation in September, former global commercial banking president Alastair Borthwick, now taking over from Donofrio in the CFO seat, summed it up: “We’re good at a series of things, and we can deliver that to our clients everywhere.”