Hapless Irish Dad To Remain Hapless Bank CEO For Years To Come

Like JPMorgan Chase and Goldman Sachs (but not Morgan Stanley), Bank of America will probably one day be run by a woman. Perhaps it will be newly-minted general counsel Lauren Mogensen or newly-minted commercial banking head Wendy Stewart or newly-minted retail banking leader Holly O’Neill. More likely it will be whoever succeeds new CFO Alastair Borthwick or similarly-promoted consumer-banking chief Dean Athanasia after one of them succeeds Brian Moynihan. But also like JPMorgan and Goldman, it won’t be happening anytime soon. Congrats, BofA shareholders: You’re stuck with the most trusted but least reassuring face in finance for the foreseeable future.

Bank of America made sweeping changes to the company’s leadership Friday that elevated several executives, including three women, to senior jobs and all but guaranteed that Brian Moynihan, the chief executive, would remain at the helm of the nation’s second-largest bank for years to come…. Mr. Moynihan signaled his intention to stick around: In a letter to staff, he said the new cohort of leaders will help him run the bank in accordance with a growth strategy he put in place in 2010 — when he took the chief executive job — “through its second decade, with me and with all of you.”

And even with Mike Mayo!

“A little less than a decade ago, I thought that Brian Moynihan should be fired as C.E.O., but now I think he’s one of the best,” he said.

If only the numbers backed that up but, as Wells Fargo knows, you’ve got to let Mike Mayo be Mike Mayo.

Bank of America Revamps Leadership, but C.E.O. Plans to Stick Around [NYT]

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