Montag has been talking with Merrill and other bulge-bracket banks since retiring from Goldman in December after 22 years there, according to media reports. Thursday's Wall Street Journal reports that, "During the past week or so, Mr. Montag has indicated to certain people that he plans to accept a job at Merrill, according to people close to the company." The negotiations could still unravel, and Montag declined comment, the paper said.

At Goldman, Montag was a partner since 1994 and most recently served as global head of equity and debt securities trading, analogous to the role he might take at Merrill Lynch.