Two of Bank of America’s top executives — Chief Operating Officer Thomas Montag and Vice Chairman Anne Finucane — are planning to retire at the end of the year.
In announcing the moves Thursday, the Charlotte, North Carolina, bank said that succession plans will be unveiled in the coming weeks.
Finucane, 69, has been a mainstay on American Banker’s list of the most
Finucane played a key role in trying to mend the bank’s reputation coming out of the 2008 financial crisis and later steered the development of BofA’s sustainable finance work and its environmental, social and governance program.
“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,” CEO Brian Moynihan said in a press release announcing the retirements.
Montag, 64, joined BofA in 2008 through its merger with Merrill Lynch, where he was executive vice president and head of global sales. Before his tenure at Merrill, Montag was a longtime Goldman Sachs executive.
The global banking and global markets businesses that Montag directly oversees currently make up about 46% of the company’s total revenues, up from 36% in 2009, according to BofA. Montag has pushed to take market share from other Wall Street giants.
Moynihan praised Montag’s pandemic-era efforts, as head of middle-market commercial and large corporate clients, to provide massive amounts of financing to businesses, as well as his work during the 2008 crisis.
“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,” Moynihan said.
Finucane co-chairs the bank’s sustainable markets committee with Montag, where they pushed a
Finucane will take a nonexecutive role at BofA’s European subsidiary after her retirement, according to the bank. She and Montag will both participate in the company’s global advisory council.
Both Montag and Finucane currently report to Moynihan.
