So whose name was missing from the news yesterday when Bank of America announced that Sallie Krawcheck was being brought in to run its brokerage business?
Bank of America said that Brian Moynihan was being pushed out of his position overseeing the brokerage as well as corporate and investment banking business to be put in charge of consumer banking. This was likely because Krawcheck wasn’t going to agree to be third down on the corporate leadership tier operating beneath anyone but the chief executive. Tom Montag will take the downsized version of Moynihan’s job, replacing him in global corporate and investment banking. Liam McGee, who ran consumer banking, is out.
The dog that didn’t bark in the Bank of America announcement is Dan Sontag, who was running Merrill Lynch’s global wealth and investment management unit. We expect that later today we’ll hear that Sontag will be moving on to pursue other interests. There seems very little chance he’ll take on the diminished role of working under Krawcheck.
Another name we didn’t hear yesterday was Keith Banks, who had run Bank of America’s brokerage business before the merger with Merrill. He was moved over to run the U.S. Trust and Columbia Management. And now, following current leadership changes, he too is likely to move on or be forced out.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.