Bank of America (NYSE: BAC) elevates Athanasia, DeMare to Co-Presidents

Rhea-AI Filing Summary

Bank of America Corporation has expanded its top leadership team. Effective September 12, 2025, the board appointed Dean C. Athanasia, President of Regional Banking, and James P. DeMare, President of Global Markets, as Co-Presidents of the company. It also named Alastair M. Borthwick as Executive Vice President in addition to his existing role as Chief Financial Officer.

The filing outlines each executive’s long tenure in senior roles across consumer, commercial and markets businesses, underscoring continuity in leadership rather than a shift in strategic direction. Details of their compensation and related arrangements are described in the company’s 2025 proxy statement.

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As filed with the Securities and Exchange Commission on September 15, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

September 12, 2025

BANK OF AMERICA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

1-6523

56-0906609

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

100 North Tryon Street

Charlotte, North Carolina 28255

(Address of principal executive offices)

(704) 386-5681

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01 per share			BAC			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Floating Rate Non-Cumulative Preferred Stock, Series E			BAC PrE			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG			BAC PrB			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non-Cumulative Preferred Stock, Series HH			BAC PrK			New York Stock Exchange
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L			BAC PrL			New York Stock Exchange
Depositary Shares, each representing a 1/1,200th interest in a share of			BML PrG			New York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 1
Depositary Shares, each representing a 1/1,200th interest in a share of			BML PrH			New York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 2
Depositary Shares, each representing a 1/1,200th interest in a share of			BML PrJ			New York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 4
Depositary Shares, each representing a 1/1,200th interest in a share of			BML PrL			New York Stock Exchange
Bank of America Corporation Floating Rate Non-Cumulative
Preferred Stock, Series 5
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto)			BAC/PF			New York Stock Exchange
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto)			BAC/PG			New York Stock Exchange
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation			MER PrK			New York Stock Exchange
Senior Medium-Term Notes, Series A, Step Up Callable Notes, due			BAC/31B			New York Stock Exchange
November 28, 2031 of BofA Finance LLC (and the guarantee of the
Registrant with respect thereto)
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK			BAC PrM			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL			BAC PrN			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN			BAC PrO			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP			BAC PrP			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ			BAC PrQ			New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS			BAC PrS			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 12, 2025, Bank of America Corporation (the “Corporation”) appointed Dean C. Athanasia, President, Regional Banking, and James P. DeMare, President, Global Markets, as Co-Presidents of the Corporation, and Alastair M. Borthwick as Executive Vice President of the Corporation, in addition to his current role as Chief Financial Officer, effective immediately.

Mr. Athanasia (59) has served as the Corporation’s President, Regional Banking since October 2021, President, Retail and Preferred and Small Business Banking from January 2019 to October 2021, Co-Head - Consumer Banking from September 2014 to January 2019 and Preferred and Small Business Banking Executive from April 2011 to September 2014.

Mr. DeMare (56) has served as the Corporation’s President, Global Markets since September 2020 and Global Co-Head of FICC Trading and Commercial Real Estate Banking from February 2015 to September 2020.

Mr. Borthwick (57) has served as the Corporation’s Chief Financial Officer since November 2021 and President of Global Commercial Banking from October 2012 to October 2021.

A description of any material plan, contract or arrangement between the Corporation and Messrs. Athanasia, DeMare and Borthwick is set forth in the Corporation’s 2025 Proxy Statement filed with the U.S. Securities and Exchange Commission on March 10, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			BANK OF AMERICA CORPORATION
			By:			/s/ Ross E. Jeffries, Jr.
						Ross E. Jeffries, Jr.
						Deputy General Counsel and Corporate Secretary

Dated: September 15, 2025

FAQ

What leadership changes did Bank of America (BAC) announce in September 2025?

Bank of America appointed Dean C. Athanasia and James P. DeMare as Co-Presidents and promoted Alastair M. Borthwick to Executive Vice President. Borthwick continues as Chief Financial Officer, signaling continuity in the bank’s financial and operating leadership while broadening its senior executive team.

Who are the new Co-Presidents of Bank of America (BAC)?

Dean C. Athanasia and James P. DeMare were named Co-Presidents of Bank of America, effective September 12, 2025. Athanasia oversees Regional Banking, while DeMare leads Global Markets, bringing extensive experience across consumer, commercial and trading businesses to the corporation’s top leadership structure.

What role does Alastair M. Borthwick now hold at Bank of America (BAC)?

Alastair M. Borthwick has been appointed Executive Vice President while continuing as Chief Financial Officer of Bank of America. He has served as CFO since November 2021 and previously led Global Commercial Banking, combining finance leadership with broad commercial banking experience in his expanded role.

When did Bank of Americas new executive appointments become effective?

The appointments of Dean C. Athanasia and James P. DeMare as Co-Presidents and Alastair M. Borthwick as Executive Vice President became effective on September 12, 2025. The company disclosed these changes in a current report that also references its detailed 2025 proxy statement for compensation information.

What prior experience does Dean C. Athanasia bring to his Co-President role at Bank of America (BAC)?

Dean C. Athanasia has led Regional Banking since October 2021 and previously headed Retail and Preferred and Small Business Banking. His background includes Co-Head of Consumer Banking and Preferred and Small Business Banking Executive roles, giving him deep experience in U.S. consumer and small business operations.

What is James P. DeMares background before becoming Co-President of Bank of America (BAC)?

James P. DeMare has served as President of Global Markets since September 2020. Before that, he was Global Co-Head of FICC Trading and Commercial Real Estate Banking, combining trading and lending experience that is relevant to Bank of Americas markets and institutional client businesses in his new Co-President position.