At the moment it looks like Bank of America trading chief Tom Montag still has his job. That won’t last long, according to people familiar with the situation.
Montag was hired by Thain from Goldman Sachs. Without Thain to protect him, he will likely be unable to hold onto his job in the face of what is sure to be withering criticism over his job performance. Sources tell us that Montag put on the trade that caused Merrill to lose billions in December, losses that were so extreme that Bank of America is now in trouble.
CNBC’s David Faber and Charlie Gasparino both report that sources have said Montag will go but characterised these reports as unconfirmed.