It is not so long ago that Bank of America was in such a bad way that the host at a charity auction joked that the Bank of North Carolina could have afforded to make a more generous donation. But in the past year – whisper it – it looks like Bank of America Merrill Lynch might finally be on track to become one of the handful of post-crisis global full-service investment banks.

And yet, for all the progress, there is much work still to be done. In particular, Tom Montag, co-chief operating officer and head of the banking and markets businesses, should take a closer look at its fixed-income business, which should be the engine room that is powering Bank of America Merrill Lynch towards global domination, but which is not yet firing on all cylinders.