Two trusted deputies of Bank of America CEO Brian Moynihan will depart at the end of the year, establishing a succession race among the many firm’s prime managers.
Tom Montag, 64, who’s chief operating officer and leads the worldwide banking and markets division, in addition to Anne Finucane, 69, the financial institution’s vice chairman, are each retiring, the financial institution mentioned Thursday in a release. The Charlotte, North Carolina-based agency is the second largest U.S. financial institution by property.
Montag was thought of the apparent candidate to change Moynihan ought to circumstances require it. He joined Bank of America in 2008 by way of its acquisition of Merrill Lynch throughout the monetary disaster, however had spent the majority of his profession as a Goldman Sachs buying and selling govt.
As vice chairman, Finucane was answerable for the corporate’s strategic positioning, in addition to its environmental, social and company governance, or ESG, and public coverage efforts. However her sway inside Bank of America prolonged properly past her job title. A 26-year veteran of the agency, she was generally known as a highly-connected confidante to Moynihan and his predecessor.
Actually, Moynihan as soon as joked that “We all report to Anne.”
“Anne has been a trusted advisor and invaluable partner for many years,” Moynihan mentioned within the launch. “From her time as one of the few senior women executives in financial services to today, she has provided unparalleled strategic vision, helping to make banking more transparent, while serving as a tireless advocate for equality, sustainable energy, education and health care.”
Whereas the corporate has a CEO succession plan in place, Moynihan has mentioned publicly that he hopes to proceed working Bank of America for years to come. Successors to Montag and Finucane shall be introduced in coming weeks, the agency mentioned.
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