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Bank of America chief operating officer Tom Montag to depart at year end

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Thomas Montag

Source: Bank of America

Two trusted deputies of Bank of America CEO Brian Moynihan will depart at the end of the year, setting up a succession race among the company’s top managers.

Tom Montag, 64, who is chief operating officer and leads the global banking and markets division, as well as Anne Finucane, 69, the bank’s vice chairman, are both retiring, the bank said Thursday in a release. The Charlotte, North Carolina-based firm is the second biggest U.S. bank by assets.

Montag was considered the obvious candidate to replace Moynihan should circumstances require it. He joined Bank of America in 2008 through its acquisition of Merrill Lynch during the financial crisis, but had…



Source cnbc.com

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