Bank of America’s (BofA) head of investment banking and trading, Thomas Montag, will become sole chief operating officer (COO) as co-COO David Darnell is leaving that role to become vice chairman of the bank.
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Darnell will relocate to Florida to take over his new role as vice-chairman and will continue managing global wealth and investment management, as well as business banking.
In his new role, Darnell will work across the company to execute its customer strategy, drawing on his knowledge of businesses, markets and client relationships.
Montag, who has shared the COO role with Darnell since 2011, will continue to manage the investment banking and capital markets businesses.
Bloomberg quoted BofA’S CEO Brian Moynihan as saying: "David approached me to discuss how he could continue to provide strategic leadership for our company, while allowing him the opportunity to relocate to Tampa with his family."
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By GlobalDataPrior to joining BofA, Montag worked as trading head Goldman Sachs Group. He has gained clout at Bank of America since joining the Charlotte, North Carolina-based firm with the 2009 takeover of Merrill Lynch. He joined BofA in 2009 following the bank’s takeover of Merrill Lynch.
