Goldman Sachs plans to nominate Tom Montag, a former partner at the Wall Street firm’s trading division and until recently a top executive at Bank of America, to its board of directors, according to a person briefed on the matter.
The pending appointment of Montag would bring more trading and risk management expertise to Goldman’s board, which in recent years has added new members with distinguished careers in corporate America but who have limited Wall Street experience, including former Starbucks boss Kevin Johnson and Jessica Uhl, an ex-chief financial officer at Shell.
The gap in risk management expertise has been an area that chair and chief executive David Solomon and his fellow board members have been trying to address, according to one person with knowledge of their thinking.