NEW YORK, Dec 11 (Reuters) – Bank of America’s technology division recorded the sharpest percentage jump in managing director promotions this year, two sources told Reuters, as the bank pours billions into digital tools aimed at boosting productivity. The bank will promote 40 executives in its technology unit to managing directors on January 1, up […]
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Bank of America tech unit leads surge in managing director promotions
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NEW YORK, Dec 11 (Reuters) – Bank of America’s technology division recorded the sharpest percentage jump in managing director promotions this year, two sources told Reuters, as the bank pours billions into digital tools aimed at boosting productivity.
The bank will promote 40 executives in its technology unit to managing directors on January 1, up from 17 last year, the biggest percentage increase among all of the bank’s divisions, they said.
Overall it promoted 394 executives to managing directors from January 1, up 2% from a year earlier, one of the sources with knowledge of the matter said.
Of the total, 44 were promoted in investment banking, 48 in global markets and nine in research, said the source, who asked not to be named because the announcement was not public.
The bank’s top technology talent is helping it to lead through this change towards artificial intelligence and other emerging innovations, said the second source.
These promotions are one of many ways to recognize their contributions, the source said.
BofA plans to allocate $4 billion into new technology capabilities from its $13 billion tech budget, the company told investors in November. It plans to use AI more widely across all its businesses.Bank of America last month raised a closely watched profitability target, as CEO Brian Moynihan laid out a plan to catch up with Wall Street rivals that includes technology investments and an expansion strategy.
(Reporting by Saeed Azhar; Editing by Stephen Coates)