BAML Global Markets Head to Retire

Bank of America Merrill Lynch has announced that Thomas Montag, COO and president of its Global Banking and Markets division, is retiring at the end of the year.

No successor has yet been named for Montag, who joined the bank in 2008 from a 22-year career at Goldman Sachs. His retirement was announced with that of Anne Finucane, vice chair of the bank. BAML says a succession plan will be announced “in the coming weeks”.

Following his retirement, Montag will become a member of the company’s Global Advisory Council. ““Tom joined the company during one of the most challenging periods in financial services history and skillfully steered the business to be one of the few financial institutions that can help clients raise cash, move money, expand into new markets, and manage risk in every major market around the world,” says Bank of America chair and CEO Brian Moynihan said. “At the same time, he has been a champion and partner in our responsible growth operating model. Nowhere was this more evident than during the pandemic when we provided billions of dollars in credit to commercial and corporate clients in the early days of the crisis and then helped them access permanent capital so they could continue to support the economy.”