Reuters reported that Bank of America has named capital markets co-head Alastair Borthwick as its head of commercial banking, in a shuffling of veteran executives.
Borthwick, a former Goldman Sachs Group 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.
According to the report, 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.
Borthwick will be the bank's third head of commercial banking since the fall of 2011.