Bank of Montreal appoints new head of U.S. business

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Photo by Ben Nelms/BloombergBank of Montreal has appointed a new leader for its business in the United States, which accounts for more than 40 per cent of its overall earnings.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTim Cox, who joined BMO in 2010 and has held a number of senior legal and regulatory compliance leadership roles, will start heading the U.S. segment on Nov. 1, replacing Darrel Hackett, who will become an executive vice-chair and senior adviser at the bank.This advertisement has not loaded yet, but your article continues below.“Tim is a highly respected leader who has helped shape BMO’s growth over the past 15 years, supporting the expansion of our business while strengthening the governance, risk management and regulatory foundation that underpins our success,” BMO chief executive Darryl White said in a statement on Tuesday.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againHe also said Hackett played a central role in advancing the bank’s North American growth strategy and building the U.S. business.“Darrel is a tireless advocate for our clients, our employees and the communities we serve, and his leadership has strengthened relationships across our markets helping ensure we continue to deliver the insights, advice and capabilities our clients value most,” he said.On BMO’s Investor Day last March, management said it expected to hit its 15 per cent return on equity target — a ratio that measures how effectively a company uses money invested by its shareholders to generate profit — as the bank exits fiscal 2027 in part through efforts to bolster its business in the U.S.BMO has been looking to reposition its U.S. business since buying San Francisco-based Bank of the West in 2023. White in May said BMO had gone through “six quarters of optimization” that had come to an end and that he expected the U.S. business to accelerate the lender’s overall profit growth.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.