Financial institution of America says chief working officer Tom Montag is leaving on the finish of the 12 months

Two trusted deputies of Financial institution of America CEO Brian Moynihan will depart on the finish of the 12 months, establishing a succession race among the many firm’s prime managers.

Tom Montag, 64, who’s chief working officer and leads the worldwide banking and markets division, in addition to Anne Finucane, 69, the financial institution’s vice chairman, are each retiring, the financial institution mentioned Thursday in a launch. The Charlotte, North Carolina-based agency is the second greatest U.S. financial institution by belongings.

Montag was thought of the plain candidate to exchange Moynihan ought to circumstances require it. He joined Financial institution of America in 2008 by means of its acquisition of Merrill Lynch through the monetary disaster, however had spent the majority of his profession as a Goldman Sachs buying and selling government.

As vice chairman, Finucane was accountable for the corporate’s strategic positioning, in addition to its environmental, social and company governance, or ESG, and public coverage efforts. However her sway inside Financial institution of America prolonged nicely past her job title. A 26-year veteran of the agency, she was often called a highly-connected confidante to Moynihan and his predecessor.

In reality, Moynihan as soon as joked that “All of us report back to Anne.”

“Anne has been a trusted advisor and invaluable associate for a few years,” Moynihan mentioned within the launch. “From her time as one of many few senior girls executives in monetary providers to at present, she has offered unparalleled strategic imaginative and prescient, serving to to make banking extra clear, whereas serving as a tireless advocate for equality, sustainable power, training and well being care.”

Whereas the corporate has a CEO succession plan in place, Moynihan has mentioned publicly that he hopes to proceed operating Financial institution of America for years to come back. Successors to Montag and Finucane might be introduced in coming weeks, the agency mentioned.