Jan 15 Bank of America Corp has named
capital markets co-head Alastair Borthwick its head of
commercial banking, in a shuffling of veteran executives.
Borthwick, a former Goldman Sachs Group Inc executive
who joined the bank in 2005, replaces Laura Whitley, who will
take a position in consumer banking, according to a memo sent to
employees. Commercial banking has been a bright spot for Bank of
America, whose profits have been dragged down by
mortgage-related losses since the financial crisis.
Borthwick will report to Tom Montag, the co-chief operating
officer who runs global banking and markets operations. Lisa
Carnoy remains the head of global capital markets.
Whitley, who has been with the bank more than 25 years, will
become head of consumer services, operations and unsecured
credit, reporting to David Darnell, the bank's co-chief
operating officer who focuses on consumer and wealth management
businesses. She will preside over call centers, consumer product
operations, unsecured credit and collections, according to the
Bank of America is under pressure to increase revenue in its
consumer banking business, which is grappling with low interest
rates and new regulations that have cut into income from fees.
The bank faced a customer backlash in 2011 over a proposed $5
monthly debit card fee that it later canceled.
Borthwick will be the bank's third head of commercial
banking since the fall of 2011, when Darnell was promoted out of
the spot to become co-chief operating officer, and Whitley took
over the position.
Bank of America reports fourth-quarter earnings on Thursday.