Bank restructures leadership as it eyes post-acquisition profitability and return on equity boost
Bank of Montreal has appointed Aron Levine, a long-time Bank of America executive, to lead its newly combined United States personal and business banking, commercial banking, and wealth management divisions.
The move comes as the bank reorganises its US structure to improve profitability and boost return on equity.
According to a statement by BMO, Levine will take on the role of group head and president, BMO US, effective July 7.
He will report to CEO Darryl White and US CEO Darrel Hackett, and will be based in Chicago.
Levine brings three decades of US banking experience, including leadership in consumer banking, wealth management, corporate strategy, and commercial real estate finance.
As per Reuters, Levine most recently served as president of preferred banking at Bank of America.
This executive reshuffle comes amid BMO’s ongoing effort to revive its return on equity following its US$16.3bn acquisition of Bank of the West in 2023.
White said the restructuring will “support the rebuilding of our ROE,” by integrating the bank’s core US units and improving collaboration, AI integration, and client service delivery.
As part of the structural changes, BMO has named several new leaders to top roles.
Sharon Haward-Laird will become group head of Canadian Commercial Banking and North American Shared Services and will also serve as co-head of Canadian Personal and Commercial Banking.
Haward-Laird has held roles in treasury, payment solutions, corporate communications, and investor relations since joining the bank in 2000.
Mat Mehrotra, currently BMO’s chief digital officer and head of Canadian Products, will become Group head of Canadian Personal and Business Banking and co-head of Canadian Personal and Commercial Banking.
According to the BMO press release, Mehrotra has led digital transformation initiatives and played a role in elevating client experience.
Nadim Hirji, who has headed North American Commercial Banking since 2023, will become vice-chair of BMO Commercial Banking.
He will support growth efforts across Canada and the US The bank stated that Hirji has advanced the bank’s use of digital tools, data, and risk-return strategies.
BMO also announced that Ernie (Erminia) Johannson, who has led the North American Personal and Business Banking division since 2020, plans to retire in early 2026. She will serve as a senior adviser in the meantime.
As per the bank’s statement, Johannson oversaw the integration of Bank of the West and contributed to revenue growth and deposit generation in both Canadian and US markets.
Additional appointments include Mona Malone as chief administrative officer, continuing in her role as chief human resources officer; Deland Kamanga, who will remain group head of Wealth Management; and Paul Noble, who will become general counsel and group head of Legal and Regulatory Compliance.
According to BMO, these changes aim to streamline leadership, accelerate decision-making, and align senior roles with strategic priorities in both domestic and cross-border operations.
BMO has also hired Tony Sciarrino from JPMorgan Chase to lead its US commercial banking unit and named former EY executive Kristin Milchanowski as chief ai officer, as reported by Reuters.
