Financial institution of America chief working officer Tom Montag to depart at yr finish

Two trusted deputies of Financial institution of America CEO Brian Moynihan will depart on the finish of the yr, establishing a succession race among the many firm’s high managers.

Tom Montag, 64, who’s chief working 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 launch. The Charlotte, North Carolina-based agency is the second greatest U.S. financial institution by property.

Montag was thought-about the apparent candidate to interchange Moynihan ought to circumstances require it. He joined Financial institution 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 liable 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 Financial institution 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.

In truth, Moynihan as soon as joked that “All of us report back to Anne.”

“Anne has been a trusted advisor and invaluable associate for a few years,” Moynihan mentioned within the launch. “From her time as one of many few senior ladies executives in monetary providers to at present, she has offered unparalleled strategic imaginative and prescient, serving to to make banking extra clear, whereas serving as a tireless advocate for equality, sustainable power, schooling and well being care.”

Whereas the corporate has a CEO succession plan in place, Moynihan has mentioned publicly that he hopes to proceed operating Financial institution of America for years to come back. Successors to Montag and Finucane will probably be introduced in coming weeks, the agency mentioned.