BMO turns to UBS Veteran as M&A market roars back
Synopsis
BMO has named former UBS banker David Descoteaux as head of its U.S. M&A business. The appointment comes as global dealmaking activity rebounds, with announced transaction volumes reaching about $2 trillion this year. The move also follows stronger capital markets earnings and growing competition for advisory mandates.
BMO has hired veteran banker David Descoteaux to lead its U.S. M&A business as global dealmaking activity recovers and banks expand advisory operations amid stronger transaction volumes.
Key Highlights
- BMO appointed David Descoteaux to lead its U.S. M&A business from June 1.
- Descoteaux spent nine years at UBS and 14 years at Lazard.
- Global M&A volume reached about $2 trillion in 2026, according to Dealogic.
- Around 70% of Descoteaux's UBS transactions involved private equity sponsors.
- BMO's capital markets net income increased 46% year over year.
Veteran investment banker David Descoteau has been appointed by Bank of Montreal (BMO) to head its U.S. mergers and acquisitions (M&A) practice, as deal activity is picking up in key financial markets and banks jockey for a bigger share of the advisory business.
Descoteaux will join BMO on June 1 after nine years at UBS and a previous 14-year stint at Lazard, according to an internal memo. The banker has guided transactions in the technology, media, telecommunications and financial technology space.
A Leadership Move Amid a Busier Deal Market
The appointment comes as mergers and acquisitions activity is recovering from a prolonged slowdown due to rising borrowing rates and economic uncertainty.
Dealogic data shows that announced total global M&A activity is currently at approximately $2 trillion in 2026, about 32% higher compared with a year ago. The recovery has prompted a number of big banks to beef up their advisory departments and hire top dealmakers.
As corporate executives reassess their plans for mergers, reorganisation, and private equity-backed deals in particular, advisory firms have become an important arena for competition among investors.
Private Equity Remains a Major Driver
The note from BMO states that around 70% of the deals that Descoteaux handled as part of his UBS career were private equity sponsored deals.
That's an experience that could prove beneficial as buyout companies seek to exit and move to acquisitions as deal volume has slowed over recent years. The report from Bain & Company's Global Private Equity Report 2026 has pointed to an increasing backlog of assets waiting to be sold, providing opportunities for advisers participating in deals.
If the model holds true with BMO, then Descoteaux will report to Carrie Cook, who is Global Head of Investment and Corporate Banking, and Tony Sciarrino, Head of U.S. Commercial Banking.
Capital Markets Earnings in Focus
The hire comes on the heels of a strong quarter for BMO's capital markets division.
In the capital markets segment, fiscal second-quarter 2026 net income increased 46% from a year ago, driven by increased client activity and advisory revenue.Fiscal second-quarter 2026 net income in its capital markets business grew 46% from a year ago, as activity with its clients and advisory-related revenue improved.
The bank did not comment on the appointment.
FAQs
Q1. Why is BMO hiring a new M&A chief now?
The appointment comes as global dealmaking activity rebounds and banks compete for advisory mandates.
Q2. Who is David Descoteaux?
He is a veteran investment banker who spent nine years at UBS and 14 years at Lazard before joining BMO.
Q3. What does this appointment signal for the banking sector?
It reflects growing competition among banks to strengthen advisory teams as M&A volumes increase.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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