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Bank of America Vice Chair Anne Finucane, who joined the company after its acquisition of Fleet Bank, will retire at the end of the year, Bank of America said in a statement yesterday.

Also retiring in December is Thomas Montag, Bank of America’s chief operating officer. Finucane and Montag are members of the company’s executive management team, reporting to Chairman and CEO Brian Moynihan. Succession plans will be announced in the coming weeks, the bank said in the statement.

“Finucane and Montag have been instrumental in Bank of America’s success, especially during the decade following the financial crisis,” the bank said.

Finucane joined Boston-based Fleet Bank 26 years ago and was chief marketing officer at Fleet and then at Bank of America for more than 10 years. Bank of America acquired Fleet in 2004.

“During that time, Bank of America introduced a state-of-the art marketing data and analytics function and became the No. 1 financial services brand,” the bank said. “Coming out of the financial crisis, her leadership was instrumental to restoring the company’s brand and global reputation – a forward momentum that continues today.”

Finucane is responsible for the company’s strategic positioning, sustainable finance, capital deployment, public policy efforts, and environmental, social and governance initiatives, the statement said. She directed the development of the company’s ESG and sustainable finance work, addressing “some of society’s biggest challenges,” the bank said.

Finucane is Bank of America’s first female vice chair and the first woman to be board chair of the company’s European banking subsidiary based in Ireland, Bank of America Europe.

She oversaw the creation last year of Bank of America’s five-year $1.25 billion commitment toward advancing racial equality and economic opportunity. Finucane has also been involved with programs to support female leaders, including a partnership with Vital Voices and its Global Ambassadors program, the Tory Burch Foundation Capital Partnership, and the Bank of America Institute for Women’s Entrepreneurship at Cornell.

Following her retirement, Finucane will have a non-executive chairman role at Bank of America Europe and become a non-executive board member of BofA Securities Europe. She will become a member of the company’s Global Advisory Council.

“Anne has been a trusted advisor and invaluable partner for many years,” Moynihan said in the statement. “From her time as one of the few senior women executives in financial services to today, she has provided unparalleled strategic vision, helping to make banking more transparent, while serving as a tireless advocate for equality, sustainable energy, education and health care.”

Montag joined the company in 2008 as executive vice president and head of global sales and trading at Merrill Lynch before its merger with Bank of America. Before that, he was with Goldman Sachs for 22 years.

In addition to his COO role, Montag has responsibility for the businesses that serve companies and institutional investors, the bank said, including middle-market commercial and large corporate clients, as well as institutional investor clients.

Following his retirement, Montag will become a member of the company’s Global Advisory Council.

“Tom joined the company during one of the most challenging periods in financial services history and skillfully steered the business to be one of the few financial institutions that can help clients raise cash, move money, expand into new markets, and manage risk in every major market around the world,” Moynihan said. “At the same time, he has been a champion and partner in our responsible growth operating model. Nowhere was this more evident than during the pandemic when we provided billions of dollars in credit to commercial and corporate clients in the early days of the crisis and then helped them access permanent capital so they could continue to support the economy.”