Goldman Sachs CEO David Solomon brings ally Thomas Montag on board of directors

Goldman Sachs Group Inc. appointed veteran banker Thomas Montag to its board of directors, effective July 17. Considered to be an ally of CEO David Solomon, Montag, who had previously co-headed Goldman’s securities division and held other senior roles in his 22 years at the firm, will join the audit, governance and risk committees.

“Tom brings extensive financial services and risk management experience, with over 35 years in the industry,” David Solomon said. “He has incredible perspective regarding the complex financial and non-financial risks that large global financial institutions face.”

Montag left Goldman Sachs to join Merrill Lynch in 2008, which was then taken over by Bank of America during the throes of the financial crisis.

He also served as BofA’s chief operating officer and the president of its global banking and markets division before retiring at the end of 2021. Last year, he became CEO of Rubicon Carbon, a TPG-backed firm working on developing carbon markets. Montag is seen by many as emblematic of the old-school Wall Street image the bank has worked to shake off.

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