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• Canada's Bank of America.
• A JPMorgan Chase for customers in Canada and the U.S.

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• Retail Banking (Service): Provides personal chequing and savings accounts, credit cards, mortgages, and consumer loans to individual customers.
• Commercial Banking (Service): Offers business loans, lines of credit, treasury management, and other banking services to small and medium-sized businesses.
• Wealth Management (Service): Delivers financial planning, investment management, private banking, and estate planning services to high-net-worth individuals and institutions.
• Investment Banking (Service): Provides advisory services for mergers and acquisitions, equity and debt underwriting, and other corporate finance solutions to institutional and corporate clients.
• Sales & Trading (Service): Engages in trading various financial instruments including equities, fixed income, foreign exchange, and commodities for institutional clients.

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Bank of Montreal (BMO) is a diversified financial services institution, serving a broad range of customers rather than relying on a few major corporate clients. Therefore, its customer base is best described through categories rather than specific company names. BMO serves the following major customer categories:

• Personal Banking Customers: Individuals and families who utilize BMO for everyday banking services, including chequing and savings accounts, mortgages, personal loans, credit cards, and basic investment products.
• Commercial and Small Business Customers: Small to medium-sized enterprises (SMEs) and commercial businesses that require banking solutions such as business accounts, operating lines of credit, term loans, payment processing, and treasury management services.
• Corporate and Institutional Clients: Large corporations, financial institutions, governments, and other institutional entities that engage BMO for investment banking, capital markets services (e.g., equity and debt underwriting, M&A advisory), corporate lending, and treasury solutions.

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• Google (GOOGL)
• Microsoft (MSFT)
• IBM (IBM)

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Darryl White, Chief Executive Officer

Darryl White joined the Bank of Montreal (BMO) in 1994 as an investment banking analyst. He progressed through various leadership roles within BMO Capital Markets, including CEO and Group Head, and was appointed Chief Operating Officer in 2016. White became Chief Executive Officer of BMO Financial Group in November 2017. In 2021, he led BMO's merger and acquisition of Bank of the West, a significant acquisition in the U.S.

Tayfun Tuzun, Chief Financial Officer

Tayfun Tuzun was appointed Chief Financial Officer of BMO Financial Group, effective January 1, 2021. Prior to joining BMO, Tuzun served as Executive Vice President and Chief Financial Officer at Fifth Third Bancorp, where he also held senior positions in treasury and finance. He previously held an executive role at FSI Group, LLC, a multiplatform hedge fund specializing in the financial services sector, and various senior treasury and finance positions at Provident Bank. Tuzun is set to retire in early 2026.

Erminia Johannson, Group Head, North American Personal & Business Banking

Erminia Johannson serves as the Group Head of North American Personal & Business Banking. She has led this group since 2020. Johannson plans to retire in early 2026.

Sharon Haward-Laird, Group Head, Canadian Commercial Banking & North American Integrated Solutions

Sharon Haward-Laird is the Group Head, Canadian Commercial Banking & North American Integrated Solutions. She previously served as General Counsel, a role she took on effective January 1, 2021, and joined the bank's Executive Committee. Her past roles at BMO include Deputy General Counsel, Head of Corporate Communications and Investor Relations, and Head of North American Treasury & Payment Solutions.

Deland Kamanga, Head, Wealth Management

Deland Kamanga is the Head of Wealth Management for BMO. He was designated as the executive-committee sponsor for “One Client Leadership Initiatives”. Kamanga has been in senior management since 2021.

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1. Interest Rate Fluctuations and Credit Quality Deterioration: Potential interest rate cuts in 2025–2026 could narrow BMO's Net Interest Margins (NIMs), reducing lending income as long-term liabilities reprice slowly. Furthermore, an economic downturn in Canada or the U.S. poses a significant threat, as it could lead to increased loan defaults, higher provisions for credit losses (PCLs), and reduced fee-based revenue. BMO has already experienced a deterioration in credit performance and an increase in defaults, particularly within its U.S. commercial banking segment. The bank also has substantial exposure to a potentially cooling Canadian housing market, with residential mortgages forming a significant portion of its Canadian Consumer Portfolio.
2. Regulatory and Compliance Risks: BMO faces ongoing challenges from regulatory changes and economic uncertainties in both Canada and the U.S., which can significantly impact its operations. The bank recently agreed to pay over $40.6 million to settle allegations that its capital markets unit failed to adequately supervise employees who sold mortgage-backed bonds with misleading compositions, highlighting risks in internal controls and compliance. Additionally, the global push for stricter capital requirements, such as Basel III, could impact BMO's capital ratios, and failure to meet commitments like those under the Community Reinvestment Act (CRA) could jeopardize future U.S. merger approvals. Separately, a class-action lawsuit is being planned by over 140 BMO customers who collectively lost more than $1.5 million in alleged fraudulent e-transfers, raising concerns about cybersecurity and fraud prevention.
3. Operational Efficiency and Intense Competition: BMO operates in a dynamic financial sector characterized by rapid technological shifts and evolving customer demands. The rise of agile FinTech companies focusing on specific, profitable segments presents a growing competitive concern, potentially drawing customers away from traditional banking services. BMO's operating efficiency, as measured by its efficiency ratio, lags some of its U.S. peers, indicating a structural weakness in core operations that needs improvement to remain competitive.

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Canadian Personal and Commercial Banking

• The Canada Retail Banking Market is projected to grow from USD 1.32 trillion in 2025 to USD 1.95 trillion by 2031.
• The Commercial Banking market in Canada was valued at $491.9 billion in 2024 and is projected to be $490.3 billion in 2025.

U.S. Personal and Commercial Banking

• The United States retail banking market is valued at USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030.
• The U.S. commercial banking market size stands at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030. Another source indicates the U.S. commercial banking market was valued at USD 0.95 trillion in 2024 and is projected to reach USD 1.4 trillion by 2032.

Wealth Management

• The global wealth management market was valued at approximately USD 1.8 trillion in 2023, with projections to grow to USD 2.5 trillion by 2028 and USD 3.5 trillion by 2033. North America held the highest market share in terms of revenue in 2020, accounting for more than half of the global market.
• In Canada, the financial wealth market (money being invested) is approximately $6.5 trillion in 2024, with an expectation to reach about $10 trillion by 2030. Assets Under Management (AUM) in Canada are projected to surpass $1.92 trillion by 2024.

Capital Markets

• The global investment banking market size is projected to reach $150.49 billion in 2025, expanding to $202.06 billion by 2029. Another report indicates the global investment banking market size was valued at USD 103.23 billion in 2024 and is projected to grow to USD 183.28 billion by 2032. The global investment banking and trading services market size is calculated at USD 424.07 billion in 2025 and is forecasted to reach around USD 765.98 billion by 2034.
• For Canadian Capital Markets, an overall aggregated market size figure encompassing all investment banking, trading, and advisory services was not available. However, specific components include:
  • The Canadian mutual fund sector's total net assets stood at $2.3 trillion as of November 2024.
  • New issue activity in Canadian debt markets rose to $263.6 billion in 2024.
  • Equity issuance in Canada was $15.3 billion in 2024. In the first half of 2025, firms raised $10.8 billion in new equity.

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Expected Drivers of Future Revenue Growth for Bank of Montreal (BMO)

Over the next 2-3 years, Bank of Montreal (BMO) is expected to drive future revenue growth through several key initiatives and market trends:

1. Growth in Canadian Personal and Commercial Banking: BMO anticipates continued revenue growth in its Canadian Personal and Commercial Banking segment. This is fueled by solid balance sheet expansion, with significant increases in both loans and deposits, alongside strong customer acquisition that has notably outpaced industry benchmarks.
2. Improved Performance and Expansion in U.S. Personal & Commercial (P&C) Operations: The bank is strategically positioned for growth in its U.S. segment, which contributed over 40% of total bank earnings in Q1 2025. BMO is focused on capitalizing on enhanced U.S. brand recognition and improving market conditions by expanding its capabilities and diversifying service offerings, particularly following the integration of Bank of the West.
3. Expansion of Wealth Management Services: BMO Wealth Management is a significant driver, showing strong growth in client assets and pre-provision pre-tax earnings. The bank is enhancing its offerings, including ETFs and mutual funds, to attract strong net flows. Strategic acquisitions, such as the agreement to acquire Burgundy Asset Management Ltd., are also set to bolster wealth management services.
4. Robust Capital Markets Activity: BMO expects to benefit from stronger client activity in its market-sensitive businesses. Revenue growth in Global Markets has been observed through higher equity and interest rate trading, while Investment and Corporate Banking revenue has increased due to higher advisory fees and corporate banking-related revenues.
5. Digital-First Strategy and Technology Modernization: The bank's ongoing "Digital First" strategy, which integrates AI, data, and technology, is a key revenue driver. This strategy aims to enhance customer value and business efficiency, evidenced by increased active users on its integrated online banking for business platform and across retail and commercial digital channels.

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Share Repurchases

• Bank of Montreal announced its intention in December 2024 to purchase for cancellation up to 20 million common shares under a normal course issuer bid, representing approximately 2.7% of its public float as of November 30, 2024.
• In August 2025, BMO announced a new normal course issuer bid to purchase for cancellation up to 30 million common shares, representing approximately 4.2% of its public float as of July 31, 2025.
• Under the normal course issuer bid that commenced on January 22, 2025, and was terminated on September 4, 2025, BMO acquired 15.95 million shares at an average cost of $143.39 per share, totaling approximately $2.29 billion.

Share Issuance

• Prior to the closing of the Bank of the West acquisition, BMO intended to raise approximately C$2.7 billion of common equity.
• In March 2022, BMO conducted a public offering of 18,125,000 common shares at C$149.00 per share, generating gross proceeds of C$2.70 billion.
• On December 16, 2022, the bank completed an issue and sale of common shares through a public offering and a concurrent private placement, raising approximately C$2.6 billion in gross proceeds.

Outbound Investments

• On December 20, 2021, BMO announced the acquisition of Bank of the West from BNP Paribas for a cash purchase price of US$16.3 billion, which was completed on February 1, 2023.
• BMO acquired Calgary-based Radicle Group Inc., an environmental services leader, in July 2022.
• In June 2025, BMO acquired Burgundy Asset Management for $457 million.

Capital Expenditures

• BMO's capital expenditures were approximately $338.3 million USD in fiscal year 2021, $577.3 million USD in fiscal year 2022, $1,142.7 million USD in fiscal year 2023, and $1,032.7 million USD in fiscal year 2024.
• Expected capital expenditures for fiscal year 2025 are approximately $1,122 million USD.
• The primary focus of capital expenditures includes strategic investments to expand and enhance North American operations, and advancements in technology and digital innovation.