James DeMare
BANK OF AMERICA CORP /DE/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/