Bank of America Corp.
announced Thursday that its vice chairman and chief operating officer would retire at the end of the year, marking two high-profile departures from the bank's upper echelons.
The bank did not name successors, but said it would publish those names in the coming weeks. Bank of America shares fell 0.1% on Thursday.
Vice Chairs Anne Finucane, 69, and COO Thomas Montag, 64, also serve on the company's senior management reporting to Chairman and CEO Brian Moynihan, who will turn 62 in October after starting his current position in 2010 . The company has no retirement age, according to a spokesman.
"Finucane and Montag were instrumental in the success of Bank of America, especially in the ten years after the financial crisis," the company said in a statement.
Finucane is a prominent name in banking, leading Bank of America's strategic positioning, sustainable finance, environmental, social and governance (ESG), capital management and public policy. She joined Bank of America's predecessor Fleet Bank in 1995.
Finucane is the first vice chairman of Bank of America and the first female chairman of Bank of America Europe. She chairs Bank of America's ESG committee and co-chairs Monday's Sustainable Markets Committee and led the company's $ 1.25 billion 2020 commitment to promoting racial equality and economic opportunity in the United States next five years.
Montag has been with Bank of America since 2008, initially as Vice President and Head of Global Sales and Trading at Merrill Lynch before it merged with Bank of America. Previously, he worked at Goldman Sachs Group Inc.
for 22 years.
In addition to his COO title, Montag is also President of Global Banking and Markets. He heads all business areas of the bank that serve corporate and institutional investors, including medium-sized commercial and large corporate clients as well as institutional investors, BofA Global Research and the sales and trading units of the global markets.
In the first half of 2021, Global Banking and Global Markets represented 46% of Bank of America's total revenue, up from 36% in 2009.
Montag also co-founded Bank of America's Black Executive Leadership Council.
Upon their retirement, Finucane and Montag will join the company's global advisory board.
Bank of America stocks are up 39% year-to-date, while the S&P 500
has gained 19%.