Bank of America Names Borthwick Commercial Banking Chief

Bank of America (BAC) has promoted a veteran executive to lead its commercial banking business as part of its latest shuffle of senior managers.

The nation's second-biggest bank by assets has named Alastair Borthwick as head of global commercial banking, the company said in an email late Tuesday.

Borthwick, who has served as co-head of the company's global capital markets business after joining Bank of America from Goldman Sachs seven years ago, succeeded Laura Whitley, who will become head of consumer services, operations and unsecured credit, a company spokesman said.

According to a Reuters report, Whitley, who has been with Bank of America for 25 years, takes on a role that previously was filled by two executives: Susan Faulkner, who has been named company-wide risk executive, and Tim Huval, who left the bank to head human resources at Humana (HUM).

Bank of America, which is expected on Thursday to report earnings for the fourth quarter, recorded global commercial banking revenue of $2 billion in the third quarter, unchanged from the same period a year earlier.

Borthwick is the third person to lead commercial banking since 2011, when David Darnell was promoted to co-chief operating officer.