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Bank of Montreal has revamped its capital markets leadership team, making changes across its trading and investment banking units.

BMO Nesbitt Burns Inc., the lender’s investment banking arm, parted ways with four of its leaders this week, according to people familiar with the matter. The departures include the head of trading products and two deputy heads of investment banking.

The four leaders no longer with the bank are: Kelsey Gunderson, the former global head of trading products; Ashi Mathur and Michael Neuberger, both of whom were deputy heads of investment banking; and Abid Chaudry, former head of global structured products.

The changes comes six months into new leadership at the top of the investment bank. Last October, the bank announced that Dan Barclay was taking over as CEO of BMO Nesbitt Burns, replacing Pat Cronin, who had been promoted to chief risk officer of the entire bank.

At the same time, BMO announced the retirements of two senior executives, marking the first management shuffle under CEO Darryl White, who took over the bank in November, 2017.

Following this week’s changes in the investment bank, Deland Kamanga has been named the head of global trading products. He joined the bank in 2006, and most recently served as managing director and head of global fixed income, currency and commodities.

In investment banking, John Armstrong remains as the dealer’s sole deputy head. (BMO had named three deputy heads of investment banking – an unusual structure on Bay Street – in December, 2017.) Mr. Armstrong is responsible for the firm’s global investment banking franchises, including energy, infrastructure, and metals and mining. He previously served as co-head of global mergers and acquisitions.

The bank declined to comment on the latest shuffle.

BMO’s profit from its capital markets arm fell 9.3 per cent in fiscal 2018, largely driven by a drop in profit in its U.S. division, which comprises about 20 per cent of total profit at the investment bank.

Within its trading operations, revenues from equity and foreign-exchange trading were roughly flat from the fiscal year prior, but its interest-rate trading segment has suffered lately. The segment saw total revenue drop 9 per cent in fiscal 2018, and then another 21.4 per cent in the first quarter of fiscal 2019, relative to the prior quarter.

Historically, BMO’s investment bank was well-known for advising mining and metals companies, but the industry suffered for many years and forced many investment banks to restructure their coverage teams. Lately, however, there has been a surge in mining deals, and BMO has been in the thick of things. BMO Nesbitt Burns is the lead financial adviser to Newmont Mining Corp., which is looking to buy Goldcorp Inc. Newmont’s shareholder vote for the transaction is scheduled for Thursday.

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