Tom Montag, the head of Bank of America's investment bank who steered the unit through the 2008 financial crisis, is retiring at the end of the year.

Montag, who joined the Merrill Lynch at the height of the 2008 financial crisis ahead of its merger with Bank of America, will step down at the end of 2021, the bank said in a statement. Anne Finucane, the bank's vice chairman, will also retire. Bank of America will announce their successors in the coming weeks, it said.