The Highest Paid Exec At Bank Of America Just Got A Bit More Powerful

Tom montag with lulaBank of AmericaCOO Montagn (right) with former Brazilian President Luiz Inacio Lula da Silva (left).

Tom Montag will become sole COO of Bank of America when his former co-COO, David Darnell moves to Tampa to be with his family, Dealbook reports.

Montag left Goldman Sachs back in 2008 to join Merrill Lynch before it merged with Bank of America.

Since then he’s risen the ranks to run Bank of America’s investment bank and capital markets divisions. Additionally, for the last four years he’s made more than CEO Brian Moynihan — last year Montag made $US15.5 million and Moynihan made $US14 million.

In a memo to employees Moynihan wrote that despite his move Darnell would still “work across the company to execute our customer strategy, drawing on his knowledge of our businesses, markets and client relationships.”

Darnell, who may retire soon, will take the title of vice chairman and continue to oversee business banking as well as global wealth and investment management. Montag will continue running investment banking and capital markets divisions.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.