Annual Giving
Gift from Tom Montag and Bank of America to Create Sustainable Finance Fellowship
Joint commitment of $2 million will bring distinguished visiting scholars to Kellogg
Northwestern University’s Kellogg School of Management has received a $2 million joint gift to establish the Thomas K. Montag Senior Fellowship in Sustainable Finance. Northwestern Trustee Tom Montag ’82 MBA and Janet M. Montag, along with Bank of America Charitable Foundation, are each making a $1 million gift to Kellogg. Tom served as chief operating officer of Bank of America from 2014 until his retirement in December of 2021.
The Montag Senior Fellowship, honoring Tom’s contributions to sustainable finance, will attract prestigious leaders in the field on a rotating basis to engage with Kellogg students and faculty as part of the school’s mission to develop industry leaders. Sustainable finance focuses on responsible investing and business practices that prioritize environmental, social and governance issues. The gift will advance the field as it relates to finance, banking and economics in topics such as addressing climate change and promoting the circular economy as well as improving inclusive development practices.
“Anybody who knows Tom knows that he is a force of nature,” said Francesca Cornelli, dean and Donald P. Jacobs Chair of Finance at Kellogg. “He has been a leader in the financial and banking sector for a long time, always able to move forward and not afraid to take new directions. It is not a surprise then that he has been a supporter of sustainable finance from the very start. Kellogg shares his belief that the financial sector is pivotal in meaningfully advancing sustainability. This generous gift will make a significant difference in the study and teaching of sustainable finance. We at Kellogg are delighted to pay tribute to Tom’s incredible accomplishments and forward-looking attitude.”
In addition to the fellowship, the gift will support thought leadership programming such as conferences, panels and research.
“Kellogg prepares leaders for the future and sustainable finance will play an increasingly critical role as global companies prioritize addressing the challenges of tomorrow with action today. Bank of America, Janet and I are committed to sustainability — from restoring waterways to helping companies achieve net zero, and this fellowship brings that commitment to life,” said Tom, who joined the Northwestern University Board of Trustees in 2019. The Montags have been generous supporters of Kellogg, including a gift to name Montag Vista in the Kellogg Global Hub.
In addition to his role as COO, Montag was responsible for the businesses that serve companies and institutional investors. Under his leadership, the Global Banking and Global Markets businesses improved market share across all businesses, supporting 95% of the U.S. Fortune 1,000 companies, and significantly expanded the company’s international footprint.
Montag championed many diversity and inclusion initiatives, including co-founding the bank’s Black Executive Leadership Council, founding the Africa recruiting program for students in Ghana and Nigeria, initiating recruiting from Puerto Rico after Hurricane Maria and expanding recruiting to Tribal Campuses across the U.S.
Montag joined the company in 2008 as executive vice president and head of global sales and trading at Merrill Lynch, prior to the company’s merger with Bank of America. Before that, he was with Goldman Sachs for 22 years, where he was co-head of the global securities business and a member of the company’s management committee.
The Thomas K. Montag Sustainable Finance Fellowship Fund will build on Kellogg’s foundation in sustainable finance. Kellogg believes that managing the world’s resources in a sustainable way is increasingly central to competitive dynamics and value creation. Every year, the school serves as host for:
- The Impact and Sustainable Finance Faculty Consortium, a membership organization for more than 300 faculty from over 130 universities across more than 30 countries
- The Kellogg-Morgan Stanley Sustainable Investing Challenge, which has been the premier graduate student competition in sustainable finance for more than a decade. Inviting students from around the globe to craft innovative financial instruments to address sustainability challenges, this competition provides resources, frameworks and mentorship from industry leaders.
- The Moskowitz Prize, which is the premier global prize for research in sustainable finance. For more than 25 years, this prize has identified and awarded the top research paper in the field of responsible finance, engaging faculty from Kellogg and peer institutions in the judging process.