- Business Insider is mapping out the power structure in the global banking and markets businesses overseen by Bank of America Merrill Lynch COO Tom Montag — one of the most powerful executives on Wall Street.
- In the kingdom that Montag rules over, no group looms larger than fixed-income, currencies, and commodities.
- The group accounted for $8.4 billion in revenue in 2019, more than any other investment-banking business line at the firm.
- Our FICC org chart for BAML features more than 30 of the division’s highest-ranking sales and trading executives.
In the kingdom that Tom Montag rules over as Bank of America’s chief operating officer, no group looms larger than fixed-income, currencies, and commodities — home of the firm’s vaunted bond-trading group.
At Goldman Sachs, where he spent two decades and ascended to co-head of the firm’s global securities division, Montag climbed the ranks on the back of a stellar fixed-income career.
After defecting to Merrill Lynch in 2008, and following the crisis-era merger with Bank of America, he quickly assumed control over the firm’s sprawling investment banking and markets operations. And he built a juggernaut credit-trading operation that has routinely competed for the industry’s top honors and raked in billions of profits for the firm.
Business Insider in 2019 mapped out the power structure in the firm’s global banking and markets businesses that Montag oversees. We started with FICC, as no division is more crucial to those operations, accounting for more revenue than any other investment-banking business line at the firm.
Even as the overall industry FICC wallet has contracted more than 20% to $64 billion in 2018 from more than $80 billion in 2013, Bank of America has cornered a top-3 position on industry league tables.
In 2019, it pulled in $8.4 billion globally, second only to JPMorgan Chase and Citigroup, according to company reports.
The firm’s formidable FICC division has strength globally, but its legacy was burnished and its power center is rooted in the Americas, where it ranked second behind JPMorgan last year, according to Coalition’s league table.
Business Insider spoke with insiders, ex-employees, consultants, and other industry accounting advisory experts to gain insight into the reporting structure within Montag’s fixed-income division. We’ve focused on front-office execs that bear the primary responsibility for driving the group’s revenue — no operations or back office roles appear in our chart.
A Bank of America spokeswoman declined to comment for this project.
Business Insider updated this chart in January 2020 after breaking the news of a large reorg of the fixed-income trading group, including the departure of Frank Kotsen, a 23-year company lifer who ran global credit and special situations trading. We’ll continue to update this chart as needed.
We have also mapped out the most powerful people in equities and investment banking.
Here are the 30 most powerful people under Tom Montag in Bank of America Merrill Lynch’s fixed-income division.