BANK OF MONTREAL (BMO)

Bank of Montreal is hiring Tony Sciarrino from JPMorgan Chase to lead its U.S. commercial banking business, replacing Ray Whitacre who will retire Jan. 1, according to a memo sent internally on Friday. Sciarrino will start his role at BMO in late March 2025 and report to commercial banking group head Nadim Hirji and CEO Darrel Hackett, the memo seen by Reuters said.

The move comes as leading asset managers expand their wealth management services to meet growing client demand in the backdrop of an increasingly complex and volatile investment landscape. Vanguard said Rotenberg, who most recently served as the president of personal investing at Fidelity, will join the company in January to lead the new division as a managing director and a member of its senior leadership team. Rotenberg previously spent over a decade at Canadian lender Bank of Montreal and served as a partner at accounting giant McKinsey.

Higher provisions and a fall in NII hurt Bank of Montreal's fiscal Q4 earnings. Shares jump 8.5% on expectations of moderating provisions in fiscal 2025.

The Toronto-Dominion Bank (TD) (TSE:TD), Canada’s second-largest financial institution with a sizable retail banking operation in the United States, has had a rough year. From a business perspective, the company recently settled an anti-money laundering (AML) violation with the U.S. Department of Justice (DOJ) and has posted poor results. For investors, TD is the only major Canadian bank whose stock has experienced losses this year, and it’s not insignificant. Shares of TD (NYSE listing) have fa

Bank of Montreal shares surged the most in more than four years as confidence the worst of the lender’s credit issues was now behind it prompted two buy-equivalent upgrades.