Bank of America shook up its senior ranks, naming a new chief financial officer and handing extra responsibility to two investment bank executives following the retirement of the long-serving boss of the unit, Tom Montag.

Alastair Borthwick, who is currently president of global commercial banking, will replace CFO Paul Donofrio next quarter, the bank said in a statement, part of a series of management changes that also elevate a number of key executives under chief executive, Brian Moynihan.