Bank of America has announced that it will be losing two of its top executives, including its Chief Operating Officer, Thomas K. Montag, who will retire by the end of 2021. Montag is also the president of the bank’s global banking and markets division.
Anne Finucane, who has held the position of vice-chairman, is also retiring. Finucane, a 26-year veteran of the bank, led in the bank’s strategic moves and public policy endeavors as well as its efforts towards corporate, environmental, and social governance. She was also hailed as a confidante to Brian Moynihan, the bank’s CEO.
Moynihan stated, “Anne has been a trusted advisor and invaluable partner for many years. 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.”
Both Montag and Finucane are in their sixties. Each one of them had a vital role in rebuilding Bank of America when its reputation and financial stability were threatened after the 2008 housing market collapse. Their efforts helped to restore the bank’s profitability. Their departure is expected to fuel a succession race to fill their positions.
Many had expected that Montag would succeed Moynihan as the bank’s leader. But even though Moynihan is also in his sixties, there are no imminent expectations that he plans to retire.
Bank of America has a succession plan already in place for its CEO departures. Moynihan has publicly stated that he plans to run the firm for many more years. The bank will announce Montag and Finucane’s successors in the next few weeks.
Bank of America is based out of North Carolina and is the second-largest U.S. bank in assets.