Bank of America Says Two Top Executives to Retire
Bank of America Corp. announced its most significant executive shake-up in years with the retirement of two longtime senior leaders.
Chief Operating Officer Tom Montag, who oversees the global markets and banking operations, will step down at the end of this year. Anne Finucane, a vice chairman and confidant of Chief Executive Brian Moynihan, will also leave her role. Both will stay on in advisory roles.
Mr. Moynihan is shuffling leadership at the second-largest bank in the U.S. after more than a decade at the helm. Many of his top executives have served long tenures, and, in recent years, he has been under pressure to make room for rising talent. The bank said it would announce a succession plan for the departing executives in the coming weeks.
Bank of America is the only major Wall Street bank that hasn’t replaced its CEO recently or publicly set in motion a competition for the top spot. Mr. Moynihan hasn’t indicated he plans to retire anytime soon.
Still, the departure of Mr. Montag and Ms. Finucane makes way for big changes at the top. Mr. Montag’s units were responsible for almost half of the bank’s revenue last year. Ms. Finucane grew close to Mr. Moynihan through many years of working with him.
