Tom Woodward is soon retreating from being the president of Bank of America Corp’s (NYSE:BAC) Philadelphia market. Having joined the bank in 2006, he took up the role in 2008 after Dan Fitzpatrick who was then the leader exited the position to take similar roles at Citizens Bank. For substantial continuity of operations, the bank which entered the Philadelphia market in 2004 has now picked on Jim Dever to succeed Woodward. Many people including Bank of America’s CEO Brian Moynihan is confident that 57-year-old Dever will propel the banks’ operations to the next level.
His main responsibility will involve the harmonization of all local business lines and corporate citizenship. According to Moynihan, Dever has the right corporate mannerisms that he will use to help the bank’s clients live up to their financial expectations. His capabilities are not anything to quash under the waters given that he is already serving as the global commercial banking (GCB) market executive for Pennsylvania, Southern New Jersey, and Delaware.
About Jim Dever and his new mandate.
It is important that every financial institution creates a definite connection with its customers because they keep the operations going. This is exactly what the new appointee will be expected to achieve. In a jokingly comment, he says that it is the first time in his career that he will be walking to work given that he has along he had to take the train to Manhattan.
He has served in some high-profile senior positions in GCB within Charlotte, North Carolina-based Bank of America hence he has the grip of leadership. Being the market’s president Dever will be overseeing the middle market banking team that serves the entire region which brings in $50 million to $2 billion annual revenue. Nevertheless, his desire is to see the bank grow its local deposits and loans, but he is also optimistic that Woodward will continue contributing to BofA on a consulting level.
Other appointments by Bank of America
The bank has also brought on board Paul Lambert to succeed President Tim Maloney who is also retiring from the bank’s Chicago market after serving for six years. However, the 46year old Lambert will still hold up to his current role of overseeing 1,500 Merrill Lynch financial advisers in eight Midwestern states. The beauty in the new role is that the Bank has been able to gain stability in Chicago.