Summary: BMO Financial has hired David Descoteaux from UBS to head its U.S. M&A team for capital markets and commercial banking. The appointment finalizes a months-long search and comes as the Canadian bank combines related teams to strengthen cross-border deal execution.
BMO confirmed in an internal memo that Descoteaux will assume the role on June 1 and will report to Carrie Cook, global head of investment & corporate banking, and Tony Sciarrino, head of U.S. commercial bank at BMO. The memorandum, reviewed by Reuters, said the change completes a prolonged recruitment effort to fill the leadership position created by a reorganization that merges capital markets and commercial banking deal teams.
Under the reorganized structure, Cameron Hewes, who currently leads the middle market M&A group, will report directly to Descoteaux. Hewes is expected to coordinate closely with Sarfraz Visram, the head of Canadian M&A, on cross-border and North American transactions, according to the memo.
Descoteaux joins BMO after a nine-year stint at UBS where he covered deals across North and South America. His work spanned multiple sectors cited in the memo, including technology, media and telecom, and fintech. Before UBS, he spent 14 years at Lazard. The memo also noted that about 70% of the transactions Descoteaux worked on at UBS involved private equity sponsors.
The memo placed the hire in the context of recent trends at Canadian banks. It said the capital markets segment has performed well in recent quarters as loan growth weakened amid tariff-related uncertainty, with banks benefiting from strong fee and advisory revenue as M&A activity rebounded sharply in 2025 and into the current year.
BMO declined to comment on the appointment.
Context and implications: The appointment is part of a structural consolidation intended to align capital markets advisory with commercial banking deal flow in the U.S. market. The memo emphasizes cross-border coordination between the U.S. and Canadian M&A teams.