Banking giant shuffles top team with growth in sight
The Bank of Montreal (BMO) has announced changes to its executive roster aimed at improving operational efficiency across its North American personal, business, and commercial banking units, including the appointment of new leaders in both Canada and the US.
The bank is consolidating its US personal and business banking, commercial banking, and wealth management divisions under a unified leadership structure.
This reorganization is designed to promote closer coordination among these business units and integrate technology, including artificial intelligence, to enhance client service.
CEO Darryl White stated the changes support efforts to rebuild the bank’s return on equity (ROE) by optimizing the structure of BMO’s US operations.
“This next step supports the rebuilding of our ROE, including optimizing our US structure by combining our US personal and business banking, commercial banking, and wealth management businesses to deliver for our clients,” said Darryl.
Erminia Johannson, who has led North American personal and business banking since 2020, will step down from the role in early 2026 and will serve as a senior adviser during the transition. Johannson was involved in the integration of Bank of the West, which BMO acquired in California.
The bank said under her leadership, the Canadian division consistently delivered top-tier revenue growth and increased market share, while the US division consistently generated strong deposits.
Nadim Hirji, head of North American commercial banking since 2023, will transition to vice chair of commercial banking. In this new role, he will oversee growth mandates for commercial banking leaders in both Canada and the US.
BMO noted that Hirji’s tenure included advancing the use of data and digital tools, as well as focusing on risk and return optimization.
Meanwhile, Mat Mehrotra, chief digital officer and head of Canadian products since 2010, has been appointed head of Canadian personal and business banking and co-head of Canadian personal and commercial banking.
Sharon Haward-Laird, general counsel since 2000, will lead Canadian commercial banking and North American shared services and will serve as co-head of Canadian personal and commercial banking. Her background includes roles in treasury, payments, corporate communications, and investor relations.
The bank has also hired Aron Levine from Bank of America to lead its US operations. Levine has 30 years of experience across consumer banking, wealth management, corporate strategy, and commercial real estate finance. He will oversee US personal and business banking, commercial banking, and wealth management, reporting to White and Darrel Hackett, CEO of BMO’s US business.
Other appointments include Deland Kamanga remaining as head of wealth management, Mona Malone becoming chief administrative officer while retaining her role as chief human resources officer, and Paul Noble assuming the position of general counsel and head of legal and regulatory compliance.
What effect will these leadership adjustments have on BMO’s operational efficiency and market position? Readers are encouraged to share their views.
