“…..On Tuesday, Bank of America Chief Executive Brian Moynihan elevated 54-year-old Montag to head the bank's entire corporate and institutional banking operation, as co-chief operating officer. Some on Wall Street view Montag's promotion as a prelude to his leading the entire company one day, according to Reuters reports.
“Montag shares his new title with David Darnell, who oversees retail businesses like wealth management and branch banking. Between the two co-COOs, Montag may have gotten the better deal. He is now in charge of businesses that contributed about 43 percent of the bank's overall revenue but were far more profitable than the segments Darnell oversees. While BofA has lost $16.6 billion since June 2010, its trading, investment banking and commercial banking businesses have earned $9.8 billion.
“Those who know Montag from his 22 years at Goldman and his shorter stint at the combined BofA-Merrill describe him as a natural leader with a sharp wit, a keen understanding of the markets and plenty of people skills….”
Find out more at http://www.reuters.com/article/2011/09/08/us-bankofamerica-montag-idUSTRE7877VY20110908
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