BANK NEWS BMO EXECUTIVE DARREL HACKETT TO SUCCEED RETIRING DAVE CASPER AS U.S. CEO BMO Harris Bank recently announced that CEO Dave Casper is retiring. Succeeding Casper, who has led the U.S. operation of Toronto-based parent BMO Financial Group since 2018, will be Darrel Hackett, a 19-year BMO veteran. The appointment of Hackett gives BMO’s U.S. Bank the distinction of being the first among the top 15 in the country to be run by a Black executive. Hackett is currently BMO’s President of U.S. Wealth Management. BMO’s U.S. unit is the nation’s 11th-largest commercial bank following the completion of its acquisition in February of San Francisco-based Bank of the West, which Casper shepherded over 14 months from when it was announced in December 2021. That transaction gives the bank a big presence in California to go with its large footprint in the Midwest since the 2011 acquisition of Milwaukee-based Marshall & Ilsley. Hackett takes over at a time when performance south of the Canadian border is far more important to BMO’s success than it was for most of the time it has owned Harris. Nearly half of BMO’s earnings now are coming from the U.S. Hackett will continue to be based in Chicago, where BMO’s U.S. operation is headquartered. The bank is Chicago’s second largest by deposits, trailing only JPMorgan Chase, the largest bank in the U.S. Before running wealth management, Hackett had executive roles, including management of BMO’s business banking group in the U.S. 24
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