Moynihan expressed his wish to remain as president of Bank of America until the end of the decade

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Bank of America Update

Bank of America chief executive Brian Moynihan said he plans to continue to lead the bank until the end of the 20th century, as he becomes the latest Wall Street boss to seek an extension.

In a memo to employees, the 61-year-old Moynihan announced the reorganization of the bank’s senior management and said that he had told the bank’s board of directors that this would be his “privilege”. [the new team] As CEO, we will promote responsible growth in the second decade.”

A spokesperson confirmed that Moynihan, who was promoted to the highest position in 2010, “plans to continue to serve as chairman and chief executive officer for this decade.”

He is the latest bank executive to indicate that he intends to continue to lead his institution instead of handing the reins to a younger successor.

Jamie Dimon, 65, of JPMorgan Chase, recently confirmed that he hopes to extend the term of the CEO to the third decade.

July Bank Board of Directors Grant DimonAs the CEO of JPMorgan Chase since 2005, this is a “special award” for stock options, and the directors said it reflects their desire to continue to lead the bank for “years.”

According to the bank’s internal model, these options will begin to be exercised in July 2026, and Dimon will need to hold any stocks until July 2031 to realize a net profit of approximately $49 million.

James Gorman, 62, told the Morgan Stanley board of directors that he promised to remain in office for at least another three years. However, according to a person familiar with his plan, he does not expect his term to exceed the next five years, when he will hold the position for about 16 years.

The term of the CEO has been extended Invite criticism From the perspective of corporate governance experts, they believe that long-term leaders may find it difficult to prioritize new challenges.

Potential successors may become impatient and leave the bank, as happened at JPMorgan Chase, where a series of executives nominated for the highest positions have left in recent years.

Bank of America’s management reform came weeks after the second largest bank in the United States announced the departure of its two most senior leaders, chief operating officer Tom Montag and vice chairman Anne Finucan.

Montag and Finucane accumulated a wide range of responsibilities during their tenure at the bank, and these responsibilities are now assigned to other executives promoted in the reorganization.

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