Montag held a tight grip on Bank of America’s Wall Street operations for more than a decade with a management style that sometimes drew grumbling of its own. When he reappeared at one of those soirees soon after Solomon took the helm, the moment became a topic of scuttlebutt within the firm. While running the combined company’s investment bank, he largely eschewed Goldman’s annual gathering of former partners, an occasion used by many to reminisce and foster new commercial relations.

Montag landed at Merrill Lynch in 2008, shortly before the firm’s emergency takeover by Bank of America. In his last post, Montag helped run the trading group, while Solomon held a similar perch over investment banking. He made the move a year after Goldman’s then-CEO, Lloyd Blankfein, tapped two younger executives, Gary Cohn and Jon Winkelried, to be his deputies as co-presidents. Montag’s decision to leave behind his career at Goldman and jump to the top echelons of a major competitor remains a relatively rare occurrence in the industry. Goldman currently has 12 directors, down from the 14 it had before Drew Faust and Mark Winkelman retired from the board in April. and Shell Plc, as well as a retired US Navy officer. He would be the first banker to be named to the board under Solomon, following appointments of executives from Comcast Corp., Starbucks Corp. During his more-than two decades at Goldman, he snagged the partner rank years before the company went public in 1999. In tapping Montag, the board is enlisting someone with the perspective of a longtime Wall Streeter who’s also familiar with the firm’s distinctive partnership culture. Despite the CEO publicly admitting the mistake, some executives, including Goldman’s elite partners, have privately sought more accountability. By the time Goldman reversed course in late 2022 and unwound the effort, billions of dollars in losses were weighing on bonuses in other divisions. They escalated through the pandemic even as the company minted record profits, and intensified in recent months during a slowdown in its core business lines.Ī years-long push by Solomon to rapidly step up the firm’s expansion into consumer banking gave way to missed deadlines and blown financial targets for the unit. Montag, 66, who stepped down from Bank of America at the end of 2021, didn’t respond to messages seeking comment.įrustrations inside Goldman have become increasingly public. A spokesperson for New York-based Goldman declined to comment. The people with knowledge of the move asked not to be named discussing the private deliberations. Some executives say it could help quash any speculation on his immediate future as Solomon approaches five years running the firm. While it’s routine for boards to make periodic changes, appointing someone who once worked closely with Solomon at Goldman would likely signal that the CEO - who also serves as chairman - is shoring up support. Montag rose to second-in-command at Bank of America Corp. The board, gathering in India, is tapping a Goldman Sachs veteran who is seen as an ally of Chief Executive Officer David Solomon, according to people with knowledge of the matter. plans to add Tom Montag to its board, enlisting a prominent alum at a time when discontent in the firm’s ranks has spilled into public view.

Pbo scuttlebutt