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Bank Of America Corp (NYSE:BAC) Elevates Thomas Montag As Sole Chief Operating Officer And David Darnell as Vice Chairman

Boston, MA 08/20/2014 (wallstreetpr) – A financial holding company, Bank of America Corp (NYSE:BAC) had promoted two of its co-Chief Operating Officer. One of them Thomas Montag was elevated as its sole Chief Operating Officer from the current position of co-Chief Operating Officer. He was credited for helping the bank to build its investment banking powerhouse.

COO & Vice Chairman Appointment

The bank had also promoted Montag’s colleague and another co-Chief Operating Officer, David Darnell, as Bank Of America Corp (NYSE:BAC)’s vice chairman. He will be shifted to Tampa, Florida, from Charlotte in North Carolina; New York Times reported quoting internal memo of Brian Moynihan, the bank’s Chief Executive Officer or the CEO.

Montag would also continue to administer some of the most successful businesses of Bank of America, which includes investment banking apart from sales and trading. He was a trading executive at Goldman Sachs Group Inc (NYSE:GS) before he made his entry into Bank of America.

Bank Of America Corp (NYSE:BAC) CEO disclosed in the memo that Darnell had been approaching him with a request to make changes that would enable him to relocate to Tampa so as to live with his family. Accordingly, he had been designated as Vice Chairman and would be shifted to Tampa.

Reporting

Moynihan disclosed that Darnell would have to report directly to the Chief Executive Officer in his new role. He would also be leading international wealth and investment management, including the U.S. Trust, Merrill Lynch, and business banking.

The CEO paid rich tributes to Thomas Montag’s leadership since it was instrumental in fueling the bank forward. He would also be entrusted with the continuous focus of his energies towards the institutional businesses.

Bank Of America Corp (NYSE:BAC)’s Chief Executive also took the opportunity to announce Dean Athanasia and Thong Nguyen as management team members. While Athanasia heads the preferred and small business banking, Nguyen leads retail banking division.

Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on Wallstreetpr.com as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at [email protected] or follow Nicholas Kitonyi @nmaithyak on Twitter.

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