⚠ Moynihan and the Three-Way RaceModerate threat

Bank of America (BAC) — threat to the moat

Bank of America's chief executive of sixteen years plans to stay until 2030, with two co-presidents and a finance chief competing to replace him.

Brian Moynihan has run Bank of America since 1 January 20101, and the bank's recovery from the financial crisis, its cost discipline and its Responsible Growth strategy are his. In September 2025 the board appointed Dean Athanasia, president of Regional Banking, and James DeMare, president of Global Markets, as co-presidents2. At the same time Moynihan, 65, reinforced his commitment to lead the company "through the end of the decade", and analysts described "a three-way race"3; the third name usually mentioned is the chief financial officer, Alastair Borthwick, in the role since November 20214.

Succession stepsJan 2010Moynihanbecomes CEOSep 2025Athanasia and DeMarenamed co-presidentsDec 2025four businesspresidents cease asexecutive officers2030Moynihan commitmentto end of decadeWikipedia; Bank of America 8-Ks Sep and Nov 2025; Yahoo/Reuters
An open race with four years to run.

Moynihan is chair as well as chief executive5. His 2025 compensation was $41.0 million against $35.0 million the year before6.

A long succession is not a threat to the deposit franchise, which no chief executive built alone. It is a threat to the return gap, because closing it requires the cost and fee decisions a new leader might make differently, and because four business presidents ceased to be executive officers at the end of 20257, concentrating the race.

Four years is a long time to run an open contest. The bank's plan runs to the medium term, and its authors will not necessarily be the ones who deliver it.

The board structure keeps the decision close. Moynihan is both chair and chief executive8, and the board presented 12 nominees at the 2026 annual meeting9. Most of his pay is contingent: 96.3% of his 2025 compensation was variable10, so the terms of the eventual handover will be set by the same board that sets that pay.

The efficiency of the bank under the current team is the thing the successor inherits. Pretax, pre-provision income was $43.4 billion in 202511; a successor who took over a bank earning more than that on a lower efficiency ratio would be taking over a working plan, and one who inherited stalled earnings would be starting again.

The number that tests this threat
Reported
Pretax, pre-provision income, full year
$43.4bn (2025) vs $39.0bn (2024)

The earnings power the successor inherits; a fall before the handover would leave the next leader rebuilding rather than extending.

Source: Bank of America Q4 2025 earnings release ↗
References
  1. Third-party estimateBrian Moynihan has run Bank of America since 1 January 2010, and the bank's recovery from the financial crisis, its cost discipline and its Responsible Growth strategy are his.
    Wikipedia, Bank of America - corporate history (mergers and chief executives). — History · publ. 2026 · source ↗
  2. ReportedIn September 2025 the board appointed Dean Athanasia, president of Regional Banking, and James DeMare, president of Global Markets, as co-presidents.
    Bank of America Form 8-K, appointment of co-presidents, September 2025. — September 2025 · publ. 15 September 2025 · source ↗
  3. Third-party estimateAt the same time Moynihan, 65, reinforced his commitment to lead the company "through the end of the decade", and analysts described "a three-way race"; the third name usually mentioned is the chief financial officer, Alastair Borthwick, in the role since November 2021.
    Yahoo Finance (Reuters), Bank of America appoints co-presidents; Moynihan to lead through the end of the decade. — September 2025 · publ. September 2025 · source ↗
  4. ReportedAt the same time Moynihan, 65, reinforced his commitment to lead the company "through the end of the decade", and analysts described "a three-way race"; the third name usually mentioned is the chief financial officer, Alastair Borthwick, in the role since November 2021.
    Bank of America Form 8-K, appointment of co-presidents, September 2025. — September 2025 · publ. 15 September 2025 · source ↗
  5. ReportedMoynihan is chair as well as chief executive.
    Bank of America Form 8-K, executive officers, November 2025. — November 2025 · publ. 26 November 2025 · source ↗
  6. ReportedHis 2025 compensation was $41.0 million against $35.0 million the year before.
    Bank of America 2026 proxy statement (DEF 14A) - executive compensation. — 2026 · publ. March 2026 · source ↗
  7. ReportedIt is a threat to the return gap, because closing it requires the cost and fee decisions a new leader might make differently, and because four business presidents ceased to be executive officers at the end of 2025, concentrating the race.
    Bank of America Form 8-K, executive officers, November 2025. — November 2025 · publ. 26 November 2025 · source ↗
  8. ReportedMoynihan is both chair and chief executive, and the board presented 12 nominees at the 2026 annual meeting.
    Bank of America Form 8-K, executive officers, November 2025. — November 2025 · publ. 26 November 2025 · source ↗
  9. ReportedMoynihan is both chair and chief executive, and the board presented 12 nominees at the 2026 annual meeting.
    Bank of America 2026 proxy statement (DEF 14A) - executive compensation. — 2026 · publ. March 2026 · source ↗
  10. ReportedMost of his pay is contingent: 96.3% of his 2025 compensation was variable, so the terms of the eventual handover will be set by the same board that sets that pay.
    Bank of America 2026 proxy statement (DEF 14A) - executive compensation. — 2026 · publ. March 2026 · source ↗
  11. ReportedPretax, pre-provision income was $43.4 billion in 2025; a successor who took over a bank earning more than that on a lower efficiency ratio would be taking over a working plan, and one who inherited stalled earnings would be starting again.
    Bank of America fourth-quarter 2025 earnings release, Form 8-K exhibit 99.1. — Q4 2025 · publ. 14 January 2026 · source ↗
Sources
Generated September 25, 2026