Bank of America Corp. BAC,
On Thursday, he said his vice president and chief operating officer would retire by the end of the year, which would mean two higher outflows on the bank’s top ladder.
The bank did not name successors, but said it hoped to make them public in the coming weeks. Shares of Bank of America fell 0.1% on Thursday.
Vice President Anne Finucane, 69, and COO Thomas Montag, 64, are also part of the company’s executive management team and report to President and CEO Brian Moynihan, who turns 62 in October after ‘start its current position in 2010. The company has no mandatory retirement age, according to a spokesman.
“Finucane and Montag have been instrumental in Bank of America’s success, especially during the decade following the financial crisis,” the company said in a statement.
Considered a prominent name in banking, Finucane leads Bank of America’s strategic positioning, sustainable finance, environment, social and governance (ESG), capital deployment, and public policy. He joined the predecessor company of Bank of America Fleet Bank in 1995.
Finucane is the first female vice president of Bank of America and the first female president of Bank of America Europe. He chairs the Bank of America’s ESG Committee and co-chairs the Sustainable Markets Committee with Montag and led the company’s $ 1.252 billion commitment in 2020 to advance racial equality and economic opportunities over the next five years.
Montag has been at Bank of America since 2008, first as vice president and head of global sales and operations for Merrill Lynch, prior to its merger with Bank of America. He previously worked at Goldman Sachs Group Inc. GS,
for 22 years.
Along with his COO degree, Montag is also president of Global Banking and Markets. He leads all of the bank’s businesses serving companies and institutional investors, including large commercial clients and large corporate firms and institutional investors, BofA Global Research, and the commercial and commercial units of global markets.
During the first half of 2021, Global Banking and Global Markets units accounted for 46% of Bank of America’s total revenue, compared to 36% in 2009.
Montag also co-founded the Black of Leadership Council of Bank of America.
Following their retirement, Finucane and Montag will become members of the company’s global advisory board.
Shares of Bank of America gained 39% the previous year, while the S&P 500 SPX,
has gained 19%.