Last week, embattled Bank of America CEO Brian Moynihan appointed Tom Montag as a co-COO amid a major shakeup with Sallie Krawcheck and Joe Price both leaving the firm.
In the newly-created role of co-chief operating officer, Montag is responsible for all of the businesses that serve companies and institutional investors. Merrill Lynch’s institutional investment banking and trading division will now report to him.
This move could position Montag to one day take the helm as chief executive of the Charlotte North Carolina-based bank. Many say he’s gunning for the job.
Thomas Kell Montag, sometimes called 'Monty' by friends, grew up near Portland, Oregon.
He's a class of 1975 graduate of Beaverton High School where he played football, basketball and baseball.
Montag holds an MBA from Northwestern University's Kellogg School of Management.
He completed his undergraduate degree in economics at Stanford University.
In 2006, Bakewell Hall, at 355 Galvez St., was renamed Montag Hall to honour Montag and his wife for their generous gift to the university to fund the construction for the new stadium and renovation of Bakewell, which houses the financial aid and undergraduate admission offices.
In 2008, he bought a six-story townhouse that was listed $38 million on New York's Upper East Side.
He paid $32.5 million for the home, which also has a basketball court, a large media room, a steam bath and a climate controlled wine cellar.
He has a second home on Hawaii's Big Island.
Tom Montag is married to Janet Montag. They have three children: Jean, Jeff and Melanie.
Janet does volunteer work for her kid's school, Riverdale Country School, and serves on the board of directors for Asian University for Women.
Montag started working in finance as an associate for The First National Bank of Chicago from 1982 to 1985.
Montag worked at Goldman Sachs for more than 22 years.
While at Goldman, he held a number of executive positions, including co-head of Asian FICC and Equities and the bank's global securities business.
When Montag was based in Japan, he helped make Goldman one of Japan's most profitable foreign securities firms by tripling the company's profit in two years.
He also commuted to work on his Vespa and is said to have frequented Wolfgang Puck's restaurants while in Japan.
The Montag family returned to New York City in 2006.
He's well paid. He received a $39 million bonus when he joined Merrill Lynch and $40 million later that year.
Montag joined Merrill Lynch in 2008 before its merger with Bank of America thanks to an offer from Merrill's chief executive John Thain.
He was offered a $39 million signing bonus to be the head of trading and sales.
He received an additional $40 million package later that year to replace his Goldman stock.
Last year, when he served as the president of global banking and markets, he was one of the highest paid executives on Wall Street. His even surpassed Moynihan's bonus.
In 2010, Montag was rewarded $14.3 million in restricted stock and $900,000 in performance-linked cash. Moynihan got just a $9.05 million stock bonus.
While Moynihan's salary remained unchanged at $950,000, Montag's 2011 salary was bumped up to $850,000 from $800,000 last year.
Montag is on the board of directors of BlackRock.
He's also a trustee of the Asia Society and the Riverdale Country School. He's a member of the board of the Partnership for New York City.
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