On Tuesday, BMO Financial Group announced that Alan Tannenbaum will succeed Dan Barclay as CEO and Group Head of Capital Markets, effective from November 1, 2023. Tannenbaum, a veteran of the company since 2010, has held various leadership roles across global corporate finance solutions, investment, and corporate banking activities.
Barclay, who is concluding his 32-year investment banking career, will transition to a senior adviser role. He is widely recognized for his leadership in sustainable finance and the transition to a net-zero world. In addition to his duties at BMO, Barclay has also served as board chair of the Children's Aid Foundation of Canada.
In his new role, Tannenbaum will lead BMO Capital Markets, a division of the eighth-largest bank in North America, under the guidance of Darryl White, CEO of BMO Financial Group. His responsibilities will include promoting workplace diversity, equity, and inclusion.
Brad Chapin will step into the interim global head of investment and corporate banking role. BMO continues to be committed to their mission to "boldly grow the good in business and life," driving a thriving economy, sustainable future and inclusive society.
Additionally, the bank has been quickly burning through cash, and four analysts have revised their earnings downwards for the upcoming period. The bank's stock generally trades with low price volatility and it suffers from weak gross profit margins.
Despite these challenges, BMO remains a prominent player in the Banks industry, and analysts predict the company will be profitable this year. The bank's stock is currently trading near its 52-week low, which might present an attractive entry point for investors looking for value buys.
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