Chair of Dublin-based Bank of America Europe steps down

US banker Anne Finucane is stepping down as chair of Dublin-based Bank of America Europe and passing the torch to vice-chairman Paul Donofrio.

Ms Finucane will leave her post at the end of the month at the company’s European banking subsidiary, sources said. She will also exit her position as board member at Bank of America Securities Europe, but will continue on the company’s global advisory council, the sources said.

A representative for Bank of America declined to comment.

Ms Finucane became the firm’s first chair of Bank of America Europe in 2018, and was the first female vice-chairman at the parent company. She oversaw its transition through Brexit and led sustainable-finance efforts and global strategy. At the end of 2021, Ms Finucane transitioned to the non-executive chairman role at Bank of America Europe.

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Last month, she announced a carbon climate venture with Bank of America alum Tom Montag. Their new firm, Rubicon Carbon, is looking to raise $1 billion (€940 million) or a business aimed at the market for emissions offsets, and is backed by TPG.

Ms Finucane, who is 70, has worked her way up in the banking industry since 1995 when she was at Bank of America predecessor Fleet Bank. As one of the most senior women at the company, she’s been responsible for environmental, social and governance goals, as well as capital deployment and public policy efforts.

Mr Donofrio, who is 62, is vice-chairman of Bank of America and was chief financial officer from 2015 until last year, when the bank announced its most significant leadership changes since the financial crisis. He was named vice-chairman of Bank of America, overseeing sustainable finance, which he will continue to do. He has also held investment banking roles in Europe.

The most recent accounts for Bank of America Europe show it increased pretax profits almost 13-fold to $749 million in 2021. – Bloomberg