Bank of America COO Tom Montag to retire at year-end

Bank of America COO Tom Montag to retire at year-end

Thomas Montago

Source: Bank of America

Two trusted representatives of Bank of America CEO Brian Moynihan will leave at the end of the year, sparking a succession race between the company’s top executives.

Tom Montag, 64, who is chief operating officer and heads the banking and global markets division, as well as Anne Finucane, 69, the bank’s vice president, are retiring, the bank said in a statement on Thursday. . The Charlotte, North Carolina-based company is the second-largest US bank in terms of assets.

Montag was seen as the clear candidate to replace Moynihan when circumstances demanded. He joined Bank of America in 2008 when acquiring Merrill Lynch during the financial crisis, but had spent most of his career as a sales executive at Goldman Sachs.

Anne Finucane

Cameron Costa | CNBC

As Vice-President, Finucane was responsible for the strategic positioning of the company as well as its efforts in environmental, social and corporate governance, or ESG, and public policy. But his influence at Bank of America extended far beyond his job title. A 26-year veteran of the firm, he was known as a very attached confidant of Moynihan and his predecessor.

In fact, Moynihan once joked that “we all report to Anne.”

“Anne has been a trusted advisor and invaluable partner for many years,” Moynihan said in the statement. “From being one of the few female senior executives in financial services today, she has helped make banking more transparent, tirelessly advocating for fairness, sustainable energy, education and health care. Having provided unparalleled strategic vision.

Although the company has a CEO succession plan, Moynihan has publicly stated that he plans to continue running Bank of America for years to come. The successors of Montag and Finucane will be announced in the coming weeks, the firm said.

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