Carolyn Booth, head of U.S. personal and business banking at BMO, is ringing up some impressive numbers for the business while driving brick-and-mortar and AI growth.
In fiscal 2025, year-over-year net income in Booth's $288.6 billion business unit rose by 29.4% to nearly $2.2 billion, and year-over-year revenue climbed 2.9% to almost $8.2 billion. Meanwhile, expenses fell 0.2%.
Anthony Hudson, head of distribution for U.S. personal and business banking at the $1.5 trillion billion-asset BMO, highlighted one area in particular where Booth shines: the high-margin wealth management segment.
"Year after year, Carolyn sets ambitious targets for her team to deliver on … expectations through quality wealth referrals to the appropriate team," Hudson said. "This year, we're on track for a personal best, forecasting nearly $4 billion in assets referred to wealth partners."
Booth has juggled day-to-day responsibilities while also overseeing the addition of more than 130 branches over the next five years in California (where the bank already operates more than 220 branches) as well as about 15 branches in Arizona. BMO announced the initiative in March.
BMO has set a medium-term target of a 6% to 10% branch share in key California markets, Booth said, and aims for about $50 million to $60 million in retail deposits at each new branch within three years of opening.
"Overall, the strategy reflects BMO's commitment to building a larger, denser California presence and strengthening long-term client and community relationships across the state," said Booth, who previously held Hudson's position before being promoted to her current one.
The growth plan for California builds on BMO's 2023 acquisition of San Francisco-based Bank of the West, adding more than 500 branches to BMO's network. Two years later, BMO sold 138 branches — most of them holdovers from the Bank of the West acquisition — to First Citizens Bank.
Hudson said Booth played an integral role in carrying out the Bank of the West deal, which he said "will go down as one of the best integrations of any bank of our size." He noted that Booth adopted a humane, empathetic approach as BMO navigated uncertainty during the pandemic and showed the "same resilient spirit" as BMO absorbed Bank of the West.
As Booth shepherds BMO's brick-and-mortar expansion in California, she's also looking to the digital future. Earlier this year, BMO rolled out Lexi, an agentic AI tool that helps quickly answer customers' questions, freeing up employees to "deliver exceptional customer service," she said.
To help guide its use of AI, the bank recently established the BMO Institute for Applied Artificial Intelligence & Quantum.
"We believe the future of banking will be shaped by technology, data and AI that make it easier for clients to achieve their goals," said Booth, who launched her banking career in 1991 as a part-time teller.
