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

Thomas Monday

Source: Bank of America

Two trusted deputies of Bank of America’s CEO, Brian Moynihan, will be leaving at the end of the year to start a successor competition among the company’s top executives.

Tom Montag, 64, chief operating officer and head of global banking and markets, and Anne Finucane, 69, vice chairwoman of the bank, are both retiring, the bank said in a press release on Thursday. Based in Charlotte, North Carolina, the company is the second largest US bank by assets.

Monday was considered the obvious candidate to replace Moynihan if circumstances warrant. He joined Bank of America in 2008 through the Merrill Lynch acquisition during the financial crisis, but spent most of his career as a trading manager at Goldman Sachs.

Anne Finucane

Cameron Costa | CNBC

As vice chairman of the board, Finucane was responsible for the company’s strategic positioning as well as its environmental, social and corporate governance (ESG) and public policy efforts. But her influence within Bank of America went well beyond her job title. A 26-year veteran with the firm, she was known as a close confidante of Moynihan and his predecessor.

In fact, Moynihan once joked, “We all report to Anne.”

“Anne has been a trusted advisor and invaluable partner for many years,” Moynihan said in the press release. “From her time as one of the few senior women executives in the financial services sector to today, she has delivered an unprecedented strategic vision and helped make banking more transparent while tirelessly advocating for equality, sustainable energy, education and health care.”

While the company has a CEO succession plan in place, Moynihan has publicly stated that he hopes to continue running Bank of America for years to come. Successors to Montag and Finucane will be announced in the coming weeks, the company said.

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