Bank of America Update

Tom Montag, a Wall Street executive who helped reshape Bank of America from the 2008-09 financial crisis, will retire at the end of the year.

Montag came to Bank of America from Merrill Lynch, a Wall Street broker that the bank acquired in 2008 because it faced huge losses on securities backed by subprime mortgages. He joined Merrill Lynch as the head of trading in early 2008 and previously worked at Goldman Sachs for 22 years.

His strong leadership style helped the bank’s corporate and investment banks to rise to fame in the turbulent decade after the crisis, but it also attracted criticize From employees who felt compelled to work in the office during the pandemic. Montag, 64, holds the title of Chief Operating Officer and President of Global Banking and Marketing.

Bank of America said that 69-year-old vice chairman Anne Finucane will also step down. She is another central figure in the bank’s recovery after the crisis and one of the most senior women on Wall Street.

The bank said that both Montag and Finucane will continue to hold their positions until the end of the year, adding that it will announce succession plans in the coming weeks.

“Tom joined the company during one of the most challenging periods in the history of financial services. He cleverly led the company to become one of the few financial companies that can help customers raise cash, transfer funds, expand into new markets, and manage each major business risk. One of the institutions. Global market,” said CEO Brian Moynihan.

Finucane joined Bank of America as chief marketing officer in 2004 when it acquired FleetBoston Financial. The bank said she helped restore its reputation after the financial crisis.

She led the Bank of America’s work on environmental, social, and governance issues such as gun violence and climate change, and oversaw the Bank of America’s pledge of $1.25 billion to resolve race after the murder of George Floyd by the Minneapolis police last year. Issues of inequality.

This commitment was the first corporate commitment of this size at the time, and other companies followed suit.



Source link