BMO taps another ex-Fifth Third executive to serve as CFO

Core Insights - BMO Financial Group has appointed Rahul Nalgirkar as the new CFO, effective January 1, 2026, succeeding Tayfun Tuzun, who is expected to retire in early 2026 [1][7] - Nalgirkar has been with BMO since 2022, previously serving as group CFO at Fifth Third Bancorp, and will also serve as deputy CFO until his official promotion [2][3] - The bank aims to achieve a return on equity of 12% in the U.S., up from 8% as of late July [5][9] Leadership Changes - Nalgirkar will report to BMO CEO Darryl White and will be part of the executive management team, splitting his time between Toronto and Chicago [3][7] - The transition follows a series of leadership changes at BMO, including the recent hiring of Aron Levine as group head and president of BMO U.S. [11] Strategic Goals - BMO is focusing on enhancing profitability and capturing revenue synergies from its acquisition of Bank of the West, a $16.3 billion deal that closed in February 2023 [8][10] - The bank is investing in talent, technology, and its U.S. branch network to drive sustainable growth, with approximately 40% of its earnings generated from U.S. operations [12]