Tom Montag Returns to Wall Street in Carbon Venture With TPG

Thomas Montag, once the second-most powerful executive at Bank of America Corp., is returning to Wall Street with the launch of a carbon-credit venture backed by TPG Inc.

The former chief operating officer at BofA will become chief executive officer of the new company, Rubicon Carbon, which is looking to raise $1 billion for a business aimed at the market for emissions offsets, the firm said in a statement Tuesday.

The venture reunites Montag with former BofA vice chair Anne Finucane, one of the most senior women in US banking. Finucane, who led sustainable finance efforts ...