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A Bank of Montreal location in Toronto.Deborah Baic/The Globe and Mail

Bank of Montreal's capital markets unit is adding to its equities team in New York and London.

In New York, the bank announced this week that it hired four people, including a new head of U.S. equity sector trading. In London, Bloomberg reports that BMO is bringing on two analysts who just left Jefferies Group LLC.

There's a bit of a divide in the Canadian securities industry whether this fall marks the bottom of a down cycle for the equities business, when stocks have been slow to trade and Canadian mining shares are out of favour.

The additions come as other banks are trimming at home and abroad. National Bank Financial just closed a Swiss office, while TD Securities just pared its trading operations in Toronto. BMO hired Jim Gallagher to be managing director and head of U.S. equity sector trading; David Matlow as a managing director of U.S. equity sales and trading, and also New York sales manager; Daniel Mara as a director in U.S. equity sales and trading; and Ashley Amo as a vice-president in the department.

Mr. Gallagher's last stop was Barclays, where he oversaw energy, utilities, health care, materials and MLP (pipeline) sectors. That lines up well with BMO's businesses.

Mr. Matlow was also at Barclays. Mr. Mara was most recently at Citigroup, covering hedge funds. Ms. Amo's last stop was at Goldman Sachs. BMO announced all the hirings in a press release.

In London, Bloomberg reports that analysts Iain Reid and Brendan Warn are leaving Jefferies Group and taking their skills to BMO. They covered oil industry stocks from London.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 18/03/24 4:00pm EDT.

SymbolName% changeLast
BMO-N
Bank of Montreal
+0.07%93.92
BMO-T
Bank of Montreal
+0.05%127.17
C-N
Citigroup Inc
+1.77%58.63
GS-N
Goldman Sachs Group
-0.73%384.37

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