BofA Building Up Capital-Markets Unit as Montag Set to Depart

Bank of America Corp. is building its capital-markets business to be even more competitive as longtime leader Thomas Montag steps aside, Chief Executive Officer Brian Moynihan said.

“It’s a difficult business that you have to spend hundreds of millions of dollars a year” on, Moynihan said Tuesday at his company’s 2021 banking and financials conference. It’s how “we can bring it to a size” and “become more competitive.”