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We've mapped out the 30 most powerful people in Bank of America Merrill Lynch's vaunted bond-trading division

Jul 16, 2019, 00:02 IST

Traders signal offers in the S&P 500 stock index futures pit during morning trading at the Chicago Board of Trade October 24, 2008 in Chicago, Illinois. U.S. stocks plummeted this morning following a sell off in the global markets.Scott Olson/Getty

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  • 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 45% of the $18.7 billion in revenue earned across global banking and markets last year.
  • Our FICC org chart for BAML features more than 30 of the division's highest-ranking sales and trading executives.
  • Click here for more BI Prime stories.

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.

Bank of America Merrill Lynch

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Business Insider is mapping out the power structure in the firm's global banking and markets businesses that Montag oversees, and we're starting with FICC - no division is more crucial to those operations, accounting for 45% of the $18.7 billion in revenue earned last year.

Even as the overall industry FICC wallet has contracted nearly 20% the to $58 billion from more than $70 billion five years ago, Bank of America has cornered a top-3 position on industry league tables.

Last year it pulled in $8.3 billion globally, second only to JPMorgan Chase and Citigroup, according to industry data.

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 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.

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A Bank of America spokeswoman declined to comment for this project.

We'll update this chart as needed as we gather more intel and can confidently fill out more layers within the power structure.

Here are the 30 most powerful people under Tom Montag in Bank of America Merrill Lynch's fixed-income division.

Have more information about the organizational structure within Bank of America Merrill Lynch? Contact the reporter at amorrell@businessinsider.com or via encrypted chat with Signal or Telegram.

Yutong Yuan/Business Insider

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