Abigail Hofman: The invisibility of Montag and Varvel

By:
Abigail Hofman
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Increasingly, I am noticing that while bank chief executives have to be seen in public, heads of investment banks are trying to keep a very low profile.

The general public sees bankers, and especially investment bankers, as public enemy number one and no amount of spin is going to change that. But some chiefs are now engaging with the press so rarely that they have become an invisible force.

Tom Montag, global banking and markets chief at Bank of America, is a good example. He is running one of the largest global investment banks but we hardly hear a murmur from him. Last quarter, his area reported net income of $1.9 billion, down some 30%...