The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Montag will be tough to replace at Bank of America

A tough-minded, independent thinker revered by many and disliked by some, Thomas Montag has been a dominant figure that will be hard to replace.

Peter Lee banking 1920px.jpg

Thomas Montag has not just led the global banking and markets businesses at Bank of America, he has dominated them. He was a leading figure in the rebuilding of the bank after the great financial crisis, the acquisition of Merrill Lynch and the departure of former chief executive Ken Lewis, who was blamed for the losses that followed his final rushed takeover.

Montag turned the acquisition of Merrill Lynch, a firm he had joined to run sales and trading just weeks before its 2008 rescue, from disaster to success.

Yesterday’s press release announcing his retirement points out that in the first half of 2021 the businesses Montag runs – all those that serve companies and institutional investors and including BofA Global Research and the global markets sales and trading businesses – contributed 46% of Bank of America’s revenues, up from 36% in 2009.

Tom Montag.
Photo: David Hume Kennerly

Those numbers barely hint at the story.

In the maelstrom that swirled round the bank following its 2009 bailout, the newly arrived Montag was even considered as an outside candidate to be chief executive, before the younger Brian Moynihan, a lawyer by training who had been at Bank of America since its 2004 acquisition of Fleet Boston, got the job in 2010.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?