Two veteran members of Bank of America’s executive team are stepping down at the end of this year.
The $3 trillion-asset company said in a press release Thursday that succession plans for Anne Finucane, its vice chairman, and Thomas Montag, chief operating officer and president of global banking and markets, will be announced in coming weeks.
Finucane, who is responsible for strategic positioning, sustainable finance, ESG, capital deployment and public policy efforts, joined the Charlotte, N.C., company following its acquisition of FleetBoston.
Finucane will transition to a nonexecutive chairman role at Bank of America Europe and will move to a nonexecutive board member role on BofA Securities Europe.
Finucane “has been a trusted advisor and invaluable partner for many years,” Brian Moynihan, the company’s chairman and CEO, said in the release.
“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,” Moynihan added.
Montag joined the company in 2008 as part of the acquisition of Merrill Lynch. He is responsible for all of the businesses that serve companies and institutional investors.
Finucane and Montag will join Bank of America’s Global Advisory Council.
Montag “joined the company during one of the most challenging periods in financial services history and skillfully steered the business to be one of the few financial institutions that can help clients raise cash, move money, expand into new markets, and manage risk in every major market around the world,” Moynihan said.
“At the same time, he has been a champion and partner in our responsible growth operating model,” Moynihan added. “Nowhere was this more evident than during the pandemic when we provided billions of dollars in credit to commercial and corporate clients in the early days of the crisis and then helped them access permanent capital so they could continue to support the economy.”