Montag tells investors why the mid-market is Bank of America’s focus right now
A push into the regional mid-markets, as well as the international subsidiaries of those clients, is a useful driver of market share at a time of uncertainty.
Tom Montag is a man on a mission. The chief operating officer of Bank of America wants investors to understand that the firm’s global banking and markets business has a unique opportunity within its peer group owing to its local scale coupled with its global footprint.
It’s a combination that Montag reckons has played out in BofA’s performance in the first half of 2019 – and should only get more evident in the years to come.
Montag was giving investors this message at Barclays’ annual three-day financial services conference in New York this week. Speaking in the tiring 3:30pm slot on Monday, the first day of the event, Montag told his audience that he felt like he was in the fifth set of the previous day’s US Open tennis final between Rafael Nadal and Daniil Medvedev, “which was awesome, by the way”.
The synergies across the firm’s eight business lines were becoming more apparent every day, said Montag, but his focus was on BofA’s global banking and markets business – which benefited from being housed at a firm that was one of the few to have a global platform to move, store, trade and lend money in practically all markets around the world.