David Descoteaux takes over a combined capital markets and commercial banking M&A unit as Canadian banks lean on advisory income to offset weak loan growth
BMO Financial has hired David Descoteaux from UBS to lead its US M&A team for capital markets and commercial banking, ending a months-long search as the bank restructures its dealmaking operations, according to a memo seen by Reuters.
Descoteaux starts June 1, reporting to Carrie Cook, global head of investment and corporate banking, and Tony Sciarrino, head of BMO’s US commercial bank. Under the new structure, Cameron Hewes, head of the middle market M&A team, will report to Descoteaux and work closely with Sarfraz Visram, head of Canadian M&A, on cross-border deals.
Descoteaux spent nine years at UBS covering North and South American deals across technology, media, telecom and fintech, with 70% of his transactions involving private equity sponsors. He spent 14 years at Lazard before that.
The hire comes as capital markets activity has become an increasingly important revenue driver for Canadian banks. Loan growth has weakened amid tariff-related uncertainty, but fee and advisory income has benefited from a sharp rebound in M&A activity through 2025 and into this year.