James DeMare
Co-President at BAC
Executive
About James DeMare
James P. DeMare is Co‑President of Bank of America (appointed September 2025), previously President of Global Markets and an executive officer since October 2021; he began leading Global Research in December 2024 . He has 30+ years of markets experience, including senior trading roles at Citigroup/Salomon Brothers, and graduated summa cum laude with a BA in Economics from Skidmore College; multiple bios list his age at 56 in 2025 . Global Markets delivered record 2024 sales and trading revenue ($18.8B; $18.9B ex‑DVA), one trading loss day, and segment revenue of $21.8B under his leadership; 2023 had zero trading loss days and record S&T revenue ($17.4B; $17.6B ex‑DVA) . Company‑level context: BAC reported 2024 net income of $27.1B (+2.3% YoY), revenue of $101.9B (+3.4%), and 34% TSR, framing pay‑for‑performance alignment for senior leaders .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Bank of America | Co‑President | 2025–present | Joint oversight of Consumer, Wealth Management, Global Banking, and Global Markets; oversees Global Research and BofA Institute |
| Bank of America | President, Global Markets; Executive Officer | Oct 2021–Sep 2025 | Delivered record sales & trading revenue; improved efficiency; risk discipline (one loss day in 2024) |
| Bank of America | Co‑Head FICC Trading; Head of Global Securitized Products | 2008–2021 | Built multi‑asset trading and securitization platform post‑crisis; broadened client coverage |
| Citigroup/Salomon Brothers | Global Mortgage Trading; senior fixed income trading roles | ~11 years pre‑2008 | Led global mortgage trading; senior positions across fixed income trading |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Prep for Prep | Trustee | N/A | Leadership development for diverse students |
| Weill Cornell Medicine | Dean’s Council member | N/A | Academic advisory involvement |
| BAC ESG Committee | Member | N/A | Partners across BAC to advance sustainable financing goals |
Fixed Compensation
Multi‑year performance‑year total compensation decisions:
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Total compensation ($) | $18,000,000 | $19,000,000 | $21,000,000 | $26,000,000 |
2024 performance‑year pay components (awarded Jan/Feb 2025):
| Component | Amount ($) |
|---|---|
| Base salary | $1,000,000 |
| Annual cash incentive | $7,500,000 |
| Performance RSUs (PRSU) | $8,750,000 |
| Time‑based RSUs (TRSU) | $8,750,000 |
| Total | $26,000,000 |
Summary Compensation Table (SEC grant‑year presentation):
| Year | Salary ($) | Bonus ($) | Stock awards ($) | Total ($) |
|---|---|---|---|---|
| 2024 | 1,000,000 | 7,500,000 | 13,004,344 | 21,553,766 |
| 2023 | 1,000,000 | 6,000,000 | 14,681,816 | 21,728,048 |
| 2022 | 1,000,000 | 7,200,000 | 10,431,343 | 18,724,488 |
Notes
- Stock awards in SCT reflect grant‑date fair value for awards generally granted early in the year for prior‑year performance and may include other grants (e.g., management team award) .
Performance Compensation
Plan‑based awards granted in 2024 (for 2023 performance):
| Award | Grant date | Target units (#) | Grant‑date fair value ($) |
|---|---|---|---|
| PRSU | Feb 15, 2024 | 210,590 | 6,277,962 |
| TRSU | Feb 15, 2024 | 210,590 | 6,726,382 |
PRSU design and results:
| Metric | Weighting | Target standard | Actual (2022 PRSU cycle) | Payout | Vesting |
|---|---|---|---|---|---|
| 3‑yr average ROA (tax‑normalized) | 50% | ≥80 bps | 85 bps | 100% of target | 3 years; stock‑settled if earned |
| 3‑yr average growth in adjusted TBV | 50% | ≥8.5% | 11.41% | 100% of target | 3 years; stock‑settled if earned |
Vesting, retention, settlement mechanics:
- TRSUs granted Feb 2024 vest in four annual installments beginning Feb 2026; for DeMare, 50% share‑settled and 50% cash‑settled .
- 2021 TRSUs vested/paid Feb 15, 2025; 2022 TRSUs: half vested/paid Feb 15, 2025; remaining half scheduled Feb 15, 2026 .
- Stock retention requirements: retain 50% of net after‑tax shares received from PRSUs/TRSUs until retirement (NEOs other than CEO) .
- Clawbacks and covenants: awards subject to recoupment for detrimental conduct and anti‑hedging/derivative policy violations; broader Incentive Compensation Recoupment Policy applies .
One‑time management team award (retention):
| Award | Grant date | Units (#) | Vesting | Qualifying Termination protection |
|---|---|---|---|---|
| RSU (management team award) | Feb 15, 2023 (ASC grant date Jan 31, 2023) | 150,000 | 50% Feb 2026, 50% Feb 2027 | None (explicitly excluded) |
Equity Ownership & Alignment
Beneficial ownership snapshot (as of March 3, 2025):
| Category | Amount |
|---|---|
| Common stock beneficially owned | 371,798 shares |
| Unvested stock units qualifying for ownership guidelines (TRSUs + PRSUs) | 1,180,264 units (TRSUs: 632,872; PRSUs: 547,392) |
| Options outstanding | None (no outstanding stock options) |
Ownership and retention policy:
| Policy element | Requirement / status |
|---|---|
| Executive ownership guideline | Minimum 300,000 shares for other executive officers |
| Retention | Retain 50% of net after‑tax shares from equity awards until retirement |
| Compliance status | All NEOs in compliance |
| Hedging/pledging | Hedging prohibited; pledging of equity awards prohibited |
Implications for insider selling pressure
- Annual vesting events (Feb) for TRSUs and PRSUs create potential delivery events; however, mandatory retention of 50% of net after‑tax shares dampens near‑term selling pressure and aligns long‑term ownership .
- No stock options outstanding removes optionality‑driven exercise/sale cycles .
Employment Terms
Potential payments from RSUs (values as of Dec 31, 2024; $43.95/share):
| Scenario | Payable immediately ($) | Payable per original schedule, subject to conditions ($) |
|---|---|---|
| Death | 47,473,126 | — |
| Disability | 0 | 47,473,126 |
| Change‑in‑control + qualifying termination (double trigger) | — | 47,473,126 (PRSUs earned at 100%; schedule maintained) |
| All other terminations (except for cause) | — | 40,581,827 |
Key definitions and provisions
- Double trigger change‑in‑control: awards paid per schedule only if terminated without “cause” or for “good reason” within two years after change‑in‑control (PRSUs at 100% standard; TRSUs per schedule) .
- Qualifying Termination: awards continue per schedule if age/service thresholds met (≥10 years service plus age standards varying by grant year; DeMare currently meets requirements) .
- “Cause” definition encompasses fraud/dishonesty, felony, securities law violations, injurious failure to perform, policy breaches, unauthorized disclosure, etc. .
- Letter agreement (Nov 9, 2021): upon termination, DeMare receives cash‑settled TRSUs replacing forfeited RSUs lacking Qualifying Termination provisions, vesting on original schedule; does not apply to 150,000‑unit 2023 management team award .
- No executive change‑in‑control agreements or severance agreements; excise tax gross‑ups not provided .
- Pension/SERP: DeMare does not participate in BAC pension or supplemental plans; 2024 change in pension value and above‑market deferred comp earnings were $0 .
Compensation Committee Analysis
- 2025 Compensation and Human Capital Committee members: Monica C. Lozano (Chair), José E. Almeida, Pierre J.P. de Weck, Arnold W. Donald, Denise L. Ramos, Clayton S. Rose .
- Independent compensation consultant: Semler Brossy advises the Committee; program features emphasize risk management, clawbacks, ownership/retention, and prohibit hedging/pledging .
Investment Implications
- Strong pay‑for‑performance alignment: DeMare’s variable pay links to hard financial standards (3‑yr ROA and adjusted TBV growth), with no upside above 100% target and robust clawbacks; 2022 PRSUs paid at 100% on above‑target ROA/TBV, reinforcing disciplined execution .
- Retention risk mitigated: Back‑loaded 2023 retention RSU (50% in 2026/2027) and 2021 letter agreement providing cash‑settled TRSUs on termination (subject to non‑compete/detrimental conduct covenants) reduce flight risk in a competitive markets talent pool .
- Selling pressure likely contained: Annual February vesting creates predictable supply, but 50% net share retention and absence of options moderate discretionary sales; continued double‑trigger CIC terms avoid windfall acceleration .
- Execution track record: Record Global Markets revenues, low trading loss days (one in 2024; zero in 2023), improved efficiency, and market share gains underpin value creation potential and merit rising 2024 total compensation (+24% YoY to $26M) .
- Governance quality: No executive CIC/severance agreements, prohibition of hedging/pledging, and comprehensive clawback regime support shareholder‑friendly alignment .
Citations: **[70858_0001193125-25-050578_d897280ddef14a.htm:84]** **[70858_0001193125-25-050578_d897280ddef14a.htm:81]** **[70858_0001193125-25-050578_d897280ddef14a.htm:86]** **[70858_0001193125-25-050578_d897280ddef14a.htm:87]** **[70858_0001193125-25-050578_d897280ddef14a.htm:89]** **[70858_0001193125-25-050578_d897280ddef14a.htm:91]** **[70858_0001193125-25-050578_d897280ddef14a.htm:94]** **[70858_0001193125-25-050578_d897280ddef14a.htm:99]** **[70858_0001193125-25-050578_d897280ddef14a.htm:103]** **[70858_0001193125-25-050578_d897280ddef14a.htm:104]** **[70858_0001193125-25-050578_d897280ddef14a.htm:106]** **[70858_0001193125-25-050578_d897280ddef14a.htm:111]** **[70858_0001193125-25-050578_d897280ddef14a.htm:112]** **[70858_0001193125-24-064529_d529855ddef14a.htm:90]** **[70858_0001193125-24-064529_d529855ddef14a.htm:93]** **[70858_0001193125-24-064529_d529855ddef14a.htm:104]** **[70858_0001193125-24-064529_d529855ddef14a.htm:109]** **[70858_0001193125-24-064529_d529855ddef14a.htm:123]** and web sources: https://newsroom.bankofamerica.com/content/newsroom/executive-bios/james-demare.html ; https://theorg.com/org/bank-of-america/org-chart/james-p-demare ; https://www.marketscreener.com/insider/JAMES-DEMARE-A3D4BT/