Brian Moynihan has run Bank of America since becoming chief executive in January 2010 and chairman in October 2014, steadying the bank after its crisis-era acquisitions of Merrill Lynch and Countrywide and building it into one of the largest financial institutions in the United States, with about $2.4 trillion in assets.
Through Bank of America's consumer bank, Merrill wealth-management arm, and card, mortgage, and payments businesses, Moynihan oversees the everyday finances of tens of millions of households. The bank is also a co-owner of the Zelle payments network through Early Warning Services.
In September 2025 the bank reshuffled its leadership, elevating co-presidents Dean Athanasia and Jim DeMare and expanding the role of CFO Alastair Borthwick, setting up a succession race even as Moynihan signaled he intends to stay for several more years and shareholders again rejected splitting his chairman and CEO roles.
What they control
- Bank of America: about $2.4 trillion in assets and tens of millions of consumer accounts
- Merrill: the bank's large wealth-management and brokerage business
- Major mortgage, credit-card, and payments operations
- Combined chairman and chief executive authority over the bank
- Part ownership of the Zelle network through Early Warning Services
Key institutions & holdings
One of the largest U.S. banks, with roughly $2.4 trillion in assets.
Wealth-management and brokerage arm acquired during the 2008 crisis.
Bank-owned operator of the Zelle peer-to-peer payments network.
Key facts
- Chief executive of Bank of America since January 2010 and chairman since October 2014.
- Bank of America holds roughly $2.4 trillion in assets.
- In September 2025 the bank set up a CEO succession race among Athanasia, DeMare, and Borthwick.
- Moynihan has signaled he plans to remain at the helm for several more years.
- Shareholders have repeatedly rejected proposals to split the chairman and CEO roles.
- The bank reached a roughly $16.65 billion mortgage-securities settlement with the Justice Department in 2014.
Timeline
- 2009Oversees integration of Merrill Lynch and Countrywide acquisitions.
- 2010-01Becomes chief executive of Bank of America.
- 2014-10Becomes chairman; the bank reaches a $16.65 billion mortgage settlement with the DOJ.
- 2024-12The CFPB sues Bank of America and others over fraud on the Zelle network.
- 2025-03The CFPB drops the Zelle lawsuit.
- 2025-09A leadership reshuffle sets up the succession race.
Controversies
Crisis-era mortgage liabilities · 2014
Bank of America's 2008 acquisitions of Countrywide and Merrill Lynch led to a roughly $16.65 billion Justice Department settlement in 2014 over toxic mortgage-backed securities.
Zelle fraud lawsuit · 2024-2025
The CFPB sued Bank of America, JPMorgan Chase, and Wells Fargo in December 2024, alleging they let fraud fester on Zelle as customers lost hundreds of millions of dollars; the case was dropped in March 2025.
Combined chairman and CEO roles · ongoing
Governance advocates have repeatedly pressed Bank of America to separate the chairman and CEO positions, arguing the concentration weakens board oversight; shareholders have declined.
Network
- Berkshire Hathaway / Warren BuffettMajor shareholderLong one of Bank of America's largest investors.
- Dean AthanasiaLieutenantCo-president and a contender to succeed Moynihan.
- Alastair BorthwickLieutenantChief financial officer with an expanded role in the succession race.
Why this matters
A bank holding $2.4 trillion and serving tens of millions of households sits at the core of everyday economic life, from paychecks and mortgages to cards and payments. How its long-tenured chairman and CEO manages risk, fees, and fraud protection directly shapes the financial security of ordinary Americans, and his combined roles concentrate that authority.