A co-head of Canadian investment banking at Royal Bank of Canada RY-T is leaving to take on a more senior role at Bank of Montreal BMO-T.
Carrie Cook, who was named to the RBC role in April, 2022, will become BMO’s global head of investment and corporate banking in April of this year, according to an internal memo Thursday from BMO Capital Markets chief executive officer Alan Tannenbaum viewed by The Globe and Mail.
Ms. Cook originally joined RBC in 2011, and became head of consumer and retail investment banking in 2019. Prior to RBC, Ms. Cook spent more than a decade working at CIBC World Markets.
“In addition, Carrie is an active leader in our community, as a board member of St. Michael’s Hospital Foundation and member of the Children’s Aid Foundation Cabinet Campaign,” Mr. Tannenbaum said in the memo. “I look forward to building on our momentum and accelerating our business growth under Carrie’s leadership.”
Ms. Cook will be taking on a position previously held by Mr. Tannenbaum before he replaced Dan Barclay as BMO’s capital markets chief this past November.
Brad Chapin, BMO’s head of global corporate banking, had been serving as interim global head of investment and corporate banking for the last two months. When Ms. Cook starts in April, he will resume his prior role, reporting to Ms. Cook along with Aine O’Flynn, Warren Estey and Geoff Barsky as part of the division’s global management committee.
Ms. Cook is joining BMO at a challenging time for the capital markets business. Last June, the division cut more than 100 jobs, equating to roughly 4 per cent of its global work force. All of Canada’s largest banks have been quietly cutting jobs amid declining merger and acquisition activity as well as volatile equity markets.
Jameson Berkow