Montag Becomes Sole COO at Bank of America
Darnell will now become vice chairman, following a request to relocate from the firm's corporate headquarters in Charlotte, North Carolina to Tampa, Florida. He will continue to have responsibility for global wealth and investment management, and business banking.
Montag joined Bank of America with the firm's acquisiton of Merrill Lynch in 2008. Prior to that, he worked at Goldman Sachs, where he was co-head of the global securities business. He began his career at the First National Bank of Chicago.
Darnell has been an employee of Bank of America since 1979, when he joined as a credit analyst. Since then, he has held a number of positions, including central banking group president and Midwest region president, among others.
The pair have split the role since 2011. CEO Brian Moynihan announced the move in a memo to employees, which was originally reported by The Charlotte Observer.
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