TORONTO/NEW YORK (Reuters) - Bank of Montreal’s (BMO.TO) capital markets division on Thursday said it had made changes to its investment banking team, promoting John Armstrong and Lyle Wilpon as co-heads of its global merger and acquisitions group.
Armstrong and Wilpon, who were heads of Canadian and U.S. M&A, respectively, will replace Andre Hidi, who will become vice chair.
Dan Barclay and Peter Myers were recently appointed co-heads of global investment and corporate banking at BMO Capital Markets, replacing Perry Hoffmeister.
Hoffmeister is leaving the company, spokeswoman Mallory Micetich said.
Before taking up their current roles, Barclay was head of Canadian investment and corporate banking and Peter Myers was head of U.S. investment and corporate banking.
The moves came as Canadian investment banks face increasing competition from global players. BMO has a strong U.S. investment banking presence, having aggressively expanded there since the financial crisis. It has more investment bankers in the United States than in Canada.
Reporting by John Tilak in Toronto and David French in New York; Editing by Bernadette Baum and Riham Alkousaa