Thomas Montag

Why stop here? Why not just give Montag his office and parking spot, too? Read more »

Bank of America Corp. co-Chief Operating Officer Thomas K. Montag received a 21 percent raise to $14.5 million for 2012, topping his boss Brian T. Moynihan for the third straight year. Montag, 56, got a $5.46 million cash bonus for 2012, $8.19 million in restricted stock units and an $850,000 base salary, the Charlotte, North Carolina-based lender said today in a regulatory filing. That compares with the $12 million awarded to Moynihan, 53, giving the chief executive officer a raise of more than 70 percent from 2011. “This says to everybody that Brian is OK with Tom getting a superior compensation; Montag is doing a great job in a business that’s very tough right now,” said Jeanne Branthover, managing director at Boyden Global Executive Search Ltd. in New York [Bloomberg, earlier]

  • 28 Apr 2008 at 12:00 PM

Becoming Goldman Sachs

Round of applause for John Thain and the enormous restraint he demonstrated in the five months since taking over Merrill Lynch. He could’ve changed the letterhead, shaved his head and asked people to call him LB from Day One, but he resisted, pandered to the “culture of Mother Merrill,” and even ingratiated himself to the team with a few slipups reminiscent of their former CEO, just to make everyone feel at home. Ultimately, though, the temptation to make the firm “not so much Merrill as Goldman” proved too strong. He would’ve had to have the strength of a pro-wrestler/master beekeeper to hold out much longer, and as you well know, Thain is merely a former high school wrestler, and though very passionate about honey, amateur beekeeper at best. So the statement from MER today that JT has hired former GS colleague Thomas Montag to head trading worldwide should come not come as a shock, nor should the whispers (in our head) that he’s rallying hard to bring in erstwhile Goldman Sachs CEO Jon Corzine in some sort of capacity. Though, according to the rumors, the would be hire has less to do with turning Merrill into Goldman than Thain attempting to assuage his guilt about ousting his mentor back in the day, and also to bring Wall Street’s greatest bear hugs back into his life, via payroll. Additionally, DealBreaker has obtained an internal memo sent out to senior management this morning entitled “Drop Everything: Things We Must Do to Become More like Goldman”

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