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BMO taps former Bank of America executive to lead streamlined U.S. operations

Slated for July 7, these appointments stem from a strategic reshuffle focused on improving U.S. profitability with a target of 12% return on equity within five years.

A person makes their way past the Bank of Montreal (BMO) building in the Financial District of Toronto, on Monday, Aug. 14, 2023. THE CANADIAN PRESS/Spencer Colby

Overview

  • Aron Levine will join BMO on July 7 as group head and president of BMO U.S., overseeing personal and business banking, commercial banking and wealth management from Chicago.
  • Levine will sit on BMO’s executive committee and report directly to CEO Darryl White and BMO U.S. CEO Darrel Hackett.
  • Ernie Johannson plans to retire in early 2026 and transition to a senior adviser role after leading North American personal and business banking since 2020.
  • Other senior leadership moves include Nadim Hirji’s promotion to vice chair of commercial banking, Sharon Haward-Laird and Mat Mehrotra as co-heads of Canadian personal and commercial banking, Mona Malone as chief administrative officer and HR officer, and Paul Noble as general counsel and head of legal and regulatory compliance.
  • The restructuring follows recent U.S. portfolio sales and supports BMO’s goal to lift its U.S. return on equity from about 6.2% year-to-date to at least 12% within five years.