It's perhaps a source of wry amusement that Bank of America's new Chief Financial Officer (CFO) is a product of the U.K. Born in Glasgow, Scotland, Borthwick studied statistics and economics at St. Andrews University before leaving his country to spend two years on the Wall Street trading floor. Wanting to expand his opportunities, he then enrolled at the Tuck School of Business at Dartmouth, where he earned his MBA. In a recent interview, which was conducted by his alma mater, Borthwick credited his Ivy League roots with broadening his understanding of what it means to be an effective leader. He noted that, "Wise, decisive leadership isn’t just about what we learn in the classroom. It is as much, or more, about the way we work with, talk to, and treat people."
Considering Borthwick's track record for leadership in the financial world, Dartmouth can certainly take a bow.
In 2021, Bank of America announced it would be overhauling its senior leadership team. This decision led to Borthwick assuming the position of CFO for the second largest banking institution in the U.S. In this role, Borthwick is responsible for the overall financial management of the company. Under his extensive purview, he is answerable for accounting, balance sheet management, financial planning, financial analysis, corporate treasury, investor relations, corporate investments, and tax. In addition, Borthwick is one of the vice chairs for the company’s Global Diversity & Inclusion Council.
Borthwick's Bank of America roots go back 17 years, having first joined the company in 2005. Prior to being tapped for CFO, he spent the previous nine years as president of Bank of America’s commercial banking business, which is one of the company's eight lines of business. According to Borthwick, the most satisfying aspect of commercial banking is witnessing the impact it creates for not only individual businesses and families, but entire communities as well.
“We get to work with clients across the country who may have launched a business 30 years ago, and because they treated their employees and their clients the right way, they have since grown to become a really big company,” Borthwick reflected on his role in a recent interview. “They may now be the biggest employer in town. They may be the biggest philanthropist in town. And we help fuel their growth.”
Prior to commercial banking, he worked as a managing director and co-head of global capital markets for Bank of America. He has also served as head of global investment grade debt capital markets. The finance veteran started at Goldman Sachs, where he spent the first 12 years of his impressive career.
In addition to his Bank of America duties, he is a member of the board of directors of the Posse Foundation, one of the most comprehensive and renowned college access and youth development programs in the U.S. He is also a member of the board of directors of BritishAmerican Business. Furthermore, not one to forget where he came from, Borthwick continues to serve on the board of advisors for his alma mater, the Tuck School at Dartmouth.