BofA’s Montag Targets 15%-Plus Return on Tangible Equity
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Bank of America Corp.’s investment banking and trading division is seeking at least a 15 percent return on tangible equity, a lower profitability target than the firm’s biggest rival, JPMorgan Chase & Co.
The unit also has a long-term goal of “mid-to-high single-digit revenue growth,” according to a presentation from the division’s head, Thomas K. Montag, at an investor conference today in New York. Montag, 54, targeted increasing international revenue and making investments to improve technology.