BMO Capital Markets CEO Barclay retiring, Tannenbaum taking role

Bank of Montreal said that Dan Barclay, chief executive officer of BMO Capital Markets, is retiring from the position, to be replaced by the head of global investment and corporate banking, Alan Tannenbaum.

Barclay, 57, joined Bank of Montreal two decades ago and has been CEO of BMO Capital Markets for five years, and has served on the firm’s executive and operating committees. After a 32-year investment-banking career, including time at Morgan Stanley and Bank of Nova Scotia, he will transition to a role as senior adviser to the CEO effective Nov. 1.

The 55-year-old Tannenbaum will take over as head of BMO Capital Markets on the same day, reporting to Bank of Montreal CEO Darryl White, and join the company’s executive committee. He’s been in his current position since early 2021, after stints as head of the global corporate finance solutions group and co-head of global equity products. He joined Toronto-based Bank of Montreal in 2010.

“Alan’s appointment represents a strong hand-off of a high-performing and high-potential business, which plays a critical role in BMO’s portfolio,” White said in a statement. “Alan is well-positioned to capture new growth opportunities for BMO Capital Markets and enable the growth aspirations of our clients across the bank.”