Brian Moynihan, Chairman and Chief Executive Officer of Bank of America Corp, speaks in New York City on September 25, 2019.

Shannon Stapleton | Reuters

Brian Moynihan, CEO of Bank of America, announced the most comprehensive management overhaul of his 12-year tenure at the helm of the giant financial institution.

In a memo distributed to employees on Friday, Moynihan named a new chief financial officer, technology head, general counsel and chief administrative officer. The company’s management team has added five new members, he said.

“These changes position the company with high-energy leaders committed to driving responsible growth in the second decade – caring for our customers, communities and shareholders and addressing critical societal issues,” Moynihan said in the memo. “As I have announced to our Board of Directors, I will continue to be privileged to serve as CEO with you as we drive responsible growth in our second decade.”

The moves cement Moynihan’s position as the premier Bank of America, the second largest US bank by assets. Moynihan took over in 2010 and initially stumbled on the daunting task of cleaning up the chaos his predecessor left in the depths of the financial crisis when his predecessor took over mortgage lender Countrywide Financial. Since then, he has stabilized the ship, reduced costs and improved returns.

The revision comes weeks after the company announced the departure of Chief Operating Officer Tom Montag, widely considered the lead candidate to replace Moynihan if necessary. There is no immediate need to appoint another COO, such a person with knowledge of the company.

Instead, several department heads who once reported on Monday are now reporting directly to Moynihan. These include Jim DeMare, who continues to serve as head of the company’s global trading operations, and Matthew Koder, who continues to serve as head of global corporate and investment banking.

Here are the biggest changes in Moynihan’s 2,249-word memo:

* Alastair Borthwick, a former Goldman Sachs executive who most recently headed global commercial banking, will replace Paul Donofrio as CFO in the fourth quarter. Donofrio, who served as CFO for six years, will become the bank’s vice chairman and oversee the bank’s sustainable finance efforts.

* Aditya Bhasin has been named Chief Technology and Information Officer and Tom Scrivener has been named Chief Operations Executive; the two men will replace Cathy Bessant, who served as chief technology officer for more than 12 years. Bessant will move to Paris to become vice chairman of the bank for global strategy.

* Lauren Mogensen has been promoted to Global General Counsel, succeeding David Leitch, who will retire next year. Mogensen was previously Head of Global Compliance and Operational Risk at the bank.

* D. Steve Boland has been named Chief Administrative Officer to replace Andrea Smith, who is retiring after 34 years with the bank.

This story evolves. Please check again for updates.

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