Bank of Montreal BMO-T has made its commitment to U.S. expansion clear by naming Wall Street veteran Alan Tannenbaum as the next chief executive officer at investment banking division BMO Capital Markets.
Mr. Tannenbaum, who joined BMO in New York 13 years ago and is currently New York-based head of global investment and corporate banking, will succeed Dan Barclay on Nov. 1, the bank announced on Tuesday. Mr. Tannenbaum, aged 55, will also join the parent bank’s 11-member executive team.
BMO’s investment dealer is a market leader in Canada and a global powerhouse in sectors such as metals and mining. Mr. Tannenbaum, who spent the first 13 years of his career at Lehman Brothers Inc., said the bank’s growth strategy is to “invest consistently for greatness” and build North American leadership in numerous other sectors.
In the U.S. market, Mr. Tannenbaum said BMO sees opportunities to do more business with corporations in sectors such as food production, heavy industry, real estate and finance. He said the bank’s recent US$16.3-billion acquisition of California-based Bank of the West is opening doors to relationships with clients across the southwestern U.S.
BMO continues to put a priority on winning a larger share of Canadian capital markets assignments, Mr. Tannenbaum said. He highlighted the bank’s commitment to advising all its clients, including oil and gas companies, in managing the transition to a zero-carbon emission economy.
“The energy transition represents the biggest commercial opportunity of our careers,” he said.
“Alan’s appointment represents a strong hand-off of a high-performing and high-potential business,” said Darryl White, chief executive officer at BMO, in a press release. “Alan is well-positioned to capture new growth opportunities for BMO Capital Markets and enable the growth aspirations of our clients across the bank.”
Mr. Barclay is winding down a 32-year career in investment banking, including 20 years at BMO and five years as CEO of BMO Capital Markets, by moving to the role of senior adviser to Mr. White. In an interview, the 57-year-old executive said he is proud of a BMO legacy that includes an early and significant commitment to climate issues and building a high-performance, borderless culture across the bank’s far-flung operations.
“I take pride in what we’ve achieved at BMO, and confident we will build on our success,” said Mr. Barclay. Throughout his career, he has supported a number of charities, including serving as chair at the Children’s Aid Foundation of Canada, and plans more philanthropy in the future.
“Dan’s 32-year track record of client service, ethical leadership, innovation breakthroughs, and the strategic counsel he has contributed to BMO’s senior leadership team have been key to the progress BMO is making for our clients,” Mr. White said. Prior to joining BMO in 2003, Mr. Barclay work at Morgan Stanley and Scotiabank.
BMO Capital Markets replaced Mr. Tannenbaum on its executive team by naming Brad Chapin, currently its Chicago-based head of global corporate banking, as interim global head of investment and corporate banking.
Running the investment bank is traditionally the second-highest paying job at BMO. Mr. Barclay made $9.1-million last year, while Mr. White earned $14.3-million.
Andrew Willis