Bank of Montreal’s U.S. Country Head Costello to Retire Aug. 1

Bank of Montreal (BMO) said Ellen Costello is retiring as U.S. country head and will be succeeded by Chief Auditor Chris Begy.

Costello, who’s also president and chief executive officer of the lender’s U.S. holding unit BMO Financial Corp., will leave Aug. 1, the Toronto-based lender said today in a statement. She’s responsible for governance and regulatory oversight for all of Bank of Montreal’s U.S. businesses.

Costello, 58, joined Bank of Montreal in 1983. She has held various leadership roles in her 30-year career, including CEO of the firm’s U.S. consumer-lending business, Harris Bank, between 2006 and 2011. Mark Furlong is currently CEO of the Chicago-based lender.

Begy, who joined the company 26 years ago, has led Bank of Montreal’s corporate audit function since 2001 and held leadership positions including corporate controller, finance and chief accountant.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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