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Meet The BofA Exec Who Makes More Than His Boss (And Is Gunning For His Job)


Last week, embattled Bank of America CEO Brian Moynihan appointed Tom Montag as a co-COO amid a major shakeup with Sallie Krawcheck and Joe Price both leaving the firm.
In the newly-created role of co-chief operating officer, Montag is responsible for all of the businesses that serve companies and institutional investors. Merrill Lynch's institutional investment banking and trading division will now report to him.
This move could position Montag to one day take the helm as chief executive of the Charlotte North Carolina-based bank. Many say he's gunning for the job

Find out more at http://www.businessinsider.com/tom-montag-2011-9


Many Rotten Returns: Fidelity Investments canned one of their (former) star investment managers

The firm said he will no longer manage the Magellan mutual fund, once the largest in the nation.

From Reuters: Boston-based Fidelity's stock funds have struggled to evolve beyond the star manager strategy that worked well in the 1980s and 1990s. Last year, equity investors withdrew over $25 billion as its funds posted middle-of-the-pack three and five-year performance.

Magellan once had more than $100 billion in assets during the 1990s. When Lange took the helm, the fund fell from $52 billion to $17 billion, Reuters reported. Lange's financial picks were to blame for the losses. His stock picks including AIG and Wachovia lead to an almost 50% loss in 2008.

Fidelity announced Lange will be replaced by Jeff Feingold, a Fidelity veteran who has a proven track record at the firm.

Find out the rest at http://www.reuters.com/article/2011/09/13/fidelity-magellan-idUSS1E78C0WC20110913