ECONOMY

Bank of America’s Thomas Montag, Head of Global Banking, to Retire at Year-End

Bank of America Corp. Chief Operating Officer Thomas Montag and Vice Chairman Anne Finucane will retire at the end of the year.

The bank said it would announce succession plans in the coming weeks for the positions, both of which are part of the firm’s executive management team under Chief Executive Officer Brian Moynihan. 

The two executives “have been instrumental in Bank of America’s success, especially during the decade following the financial crisis,” the Charlotte, North Carolina-based bank said Thursday in a statement.

Montag, 64, joined Bank of America through its Merrill Lynch acquisition in 2008 after more than two decades at Goldman Sachs Group Inc. He’s widely seen as loyal to traders and investment bankers. Finucane, 69, entered through predecessor company Fleet Bank and was responsible for the company’s strategic positioning, sustainable finance, environmental, social and governance, capital deployment and public policy efforts. 

A New York Times article in May said Montag, who is also president of global banking and markets, fostered an environment in which staff feared losing their jobs and allowed women to be objectified. Moynihan pushed back and said there was no cultural problem at the bank.

The Times report, citing discussions with current and former employees, suggested Montag had initially pressured markets workers to go into the office as the Covid-19 pandemic took hold last year, leaving some fearful they’d lose their jobs or bonuses if they didn’t return.

“Tom joined the company during one of the most challenging periods in financial services history and skillfully steered the business,” Moynihan said in the statement on Thursday. “Very few people have achieved as much business success as Tom and become equally well known globally by his clients.”

After their retirements, Montag and Finucane will become members of the company’s global advisory council.

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