Bank of America Corp. announced its most significant executive tow in years with the retirement of two long-term leaders.
Chief Operating Officer Tom Montag, who oversees global markets and banking operations, will step down later this year. Anne Finucane, vice president and confidant of chief executive Brian Moynihan, will also leave her role. Both will continue to perform advisory functions.
Moynihan mixes the leadership of the second largest bank in the United States after more than a decade at the helm. Many of its top executives have served long seasons and, in recent years, have been pressured to make room for increased talent. The bank said it will announce a succession plan for executives leaving in the coming weeks.
Bank of America is the only major Wall Street bank that has not recently replaced its CEO or publicly launched a competition for first place. Moynihan has not indicated that he plans to retire soon.
Still, the departure of Mr. Montag and Mrs. Finucane leaves room for big changes at the top. Mr. Montag’s units were responsible for nearly half of the bank’s revenue last year. Mrs. Finucane approached Mr. Moynihan for many years working with him.