Bank of Montreal

The Canadian bank plans to sell the branches, which are mostly in the Midwest and Great Plains, to First Citizens Bank in North Carolina. At the same time, it plans to build 150 branches over the next five years in markets with longer-term growth prospects.

Booth, who is BMO's head of U.S. personal and business banking, talked about how soccer has been at the center of the bank's marketing push in California.

The Toronto-based bank named Rahul Nalgirkar as incoming finance chief. Nalgirkar, who joined BMO in 2022 from Fifth Third, will succeed the retiring Tayfun Tuzun, who came to BMO in 2020 after working at Fifth Third.

Aron Levine, the Canadian bank's new U.S. president, said BMO intends to invest in technology and spend more on branches. The company's moves, which also include the recent combination of its U.S. businesses, are part of a plan to boost its return on equity.

The Toronto-based bank said that Aron Levine will become group head and president of BMO U.S. It also announced the upcoming retirement of Ernie Johannson, head of North American personal and business banking.

BMO Financial Group has sold a U.S. credit card portfolio and exited a franchise loan portfolio as part of an effort to achieve a return on equity of at least 12% in its U.S. business.

Bank of Montreal in its fiscal second quarter set aside more money to cover loans that are still in good standing, highlighting concern about the fate of the North American economy.

The third-largest Canadian bank by assets is preparing itself and clients for the Trump administration's proposed 25% tariffs on Canada and Mexico.

Bank of Montreal dismissed a managing director on its US mortgage-backed bond desk in connection with a regulatory probe into misleading marketing practices.

The Toronto-based bank set aside CA$1.5 billion in its fiscal fourth quarter to cover potentially bad loans. Executives say higher-than-normal impaired losses could persist next year.