Bank of America equities org chart

Business Insider is mapping out the power structure in the global banking and markets businesses overseen by Bank of America Merrill Lynch COO Tom Montag — one of the most powerful executives on Wall Street.

Of the three major investment banking groups, equities is the smallest, accounting for 26% of the $18.7 billion in revenue earned across global banking and markets last year.

It's also more shrouded in mystery. Unlike the fixed-income trading group, the stock-trading unit has one primary power broker: Fabrizio Gallo, who is one of the longest-tenured division heads in Montag's world.

Along with Gallo, our equities org chart for BAML features more than 20 of the division's highest-ranking sales and trading executives.

Business Insider spoke with insiders, ex-employees, consultants, and other industry experts for this project.

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Bank of America may be better known for its vaunted bond-trading group, but the firm is also home to one of Wall Street's top stock-trading shops.

The firm's equities unit in 2018 grew revenues 18% to $4.9 billion — 26% of BofA's overall investment banking revenue last year.

That's well shy of the $8.3 billion produced in the firm's fixed-income sales and trading division, but it's good enough for 4th on the equities league tables behind Morgan Stanley, JPMorgan Chase, and Goldman Sachs — a position Bank of America has held for several years now.

Business Insider is mapping out the power structure in the firm's global banking and markets businesses that Chief Operating Officer Tom Montag oversees. We started this summer with fixed-income, currencies, and commodities (FICC) — the largest operation in his remit.

The two sales and trading groups Montag oversees have distinct power structures. Montag, who climbed the ranks at Goldman Sachs on the back of a stellar fixed-income career, has several key direct reports that share power within FICC.

Read more: These are the 30 most powerful people in Bank of America Merrill Lynch's $8 billion bond-trading division

In equities, there's one top dog: Fabrizio Gallo, one of the longest-tenured division heads in Montag's world.

Business Insider spoke with insiders, ex-employees, consultants, and other industry experts to gain insight into the reporting structure within Montag's stock-trading division. We've focused on front-office execs that bear the primary responsibility for driving the group's revenue — no back office roles appear in our chart.

The group is more shrouded in mystery than others at firm, eschewing appearances in public and with the media. Publicly available photos of key leaders, including Gallo, are few and far between.

A Bank of America spokeswoman declined to comment for this project.

Gallo, a long-time equities exec with Morgan Stanley, was initially hired by Montag to co-head the stock-trading unit in 2011 alongside Mike Stewart. But Stewart decamped for UBS before Gallo got there, and Gallo assumed sole control of the top seat.

According to senior leaders who've worked with him at the firm, Gallo consolidated power and never let go, keeping a firm grip on the reins and a tight circle of trust.

As we gather more intel, we'll update this chart as needed and further flesh out the power structure.