Steve Thom, the executive leading global credit trading at the Bank of Montreal, is set to retire, according to sources with knowledge of the situation. This move marks a significant leadership change within one of Canada's largest financial institutions.
A Veteran Career in Canadian Banking
Thom brought a wealth of experience to BMO when he joined five years ago as a managing director. His career in finance, however, spans decades. Prior to his tenure at BMO, Thom spent an impressive 27 years at the Royal Bank of Canada, as detailed on his professional LinkedIn profile. His career also included a brief period in 2019 at RP Investment Advisors, a fixed income management firm.
Reorganization Within BMO's Capital Markets
Thom's retirement comes as Bank of Montreal has been actively reorganizing its capital markets unit. The division has seen a series of recent appointments and layoffs as it adjusts its strategy and operations. This unit is a substantial contributor to the bank's bottom line. For the 2025 fiscal year, the capital markets division reported earnings of approximately $1.45 billion on total revenue of $7.5 billion, according to the bank's annual report.
Leadership Transition and Bank's Response
The bank has not yet publicly announced a successor for Thom's role. When contacted for comment, a spokesperson for Bank of Montreal declined to provide details on the retirement or the ongoing search for new leadership. Attempts to reach Steve Thom for comment were not successful.
This leadership transition highlights the ongoing evolution within BMO's trading and investment banking operations as it navigates a complex financial landscape. The departure of a senior figure like Thom will be closely watched by the financial community in Toronto and across global markets.
