On Wall Street, everyone knows who Thomas Montag is. He’s the man who handles the corporate, investment bank and trading units at Bank of America — he’s also a Co-Chief Operating Officer.
And, of course, he’s a former Goldman Sachs derivatives trader (and managing director, and partner).
Now, though, he’ll have to do more with less.
According to Bloomberg (via The Boston Globe), Montag’s men will lose 300 bodies in the next round of cuts at Bank of America. This after Montag’s division slumped by half last in 2011 to $2.97 billion, and he went on tour around the world to reassure his clients that all would be well even though they’d lost market share to rivals like Morgan Stanley.
The weird thing is, Bloomberg’s sources say that these cuts are separate from Bank of America’s ‘New BAC’ plan to restructure the bank. Not only that, but Montag’s units have been profitable this year, with positive trading revenue every day.
So what gives?