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The Head, North American Commercial Deposits has accountability to lead the US and Canadian Liquidity Solutions Product organizations and the Working Capital Optimization advisory services team in Canada. They are accountable to build, own, and drive the overall multi-year Commercial Deposit growth strategy, in close partnership with BMO’s B2B businesses, Finance, Corporate Treasury, Technology & Operations, and other related Enterprise functions. The objective of the role is to continuously improve BMO’s competitive market share position by developing and executing on a multi-year growth strategy which includes a combination of strategic, product, and sales-led activities across the Business Bank, Commercial Bank, and Capital Markets, in both Canada and the US. The role will work in close partnership with key senior stakeholders in TPS, Businesses, Technology, Corporate functions, and others, as required.
Success measures include execution on critical growth levers that will deliver outsized growth and margins, as well as strategically position BB/NACB/CM to drive accelerated, market-leading, high quality deposit growth, with strong target margins.
Specifically, the role will be responsible for:
• Defining and executing on critical medium to longer term growth levers, in partnership with initiative owners, that will drive multi-year Commercial Deposit growth
• Ensuring appropriate senior level governance and executive oversight is in place to support individual initiative/program-level reviews, RYG status, identification of risks/issues with appropriate mitigation plans in place, and preparing appropriate materials to facilitate reviews for BMO and TPS executive and performance management forums
• Identifying ‘cash rich’ industry / vertical / segment trends and to build a market competitive product shelf and go-to-market plans
• Working with business leaders to ensure those initiatives which are assigned to them (i.e. banker/sales team scorecards/incentive plans, optimal team structure, training, and other tools) are aligned to enable deposit acceleration
• Prioritizing and stewarding multi-million-dollar technology and people investments to drive financial and strategic outcomes
• Effective deposit pricing / margin management, and fee capture, in line with market benchmarks
• Engaging with clients to design product roadmaps, and advise them on working capital optimization opportunities
The role will need to continuously collaborate with a diverse set of internal and external stakeholders to support business strategies while addressing mandatory requirements and managing risk
• Business Unit leaders: Understands business / customer needs, works closely with stakeholders to align / augment TPS products / infrastructure for future business growth and meet customer experience aspirations, and align sales force incentives
• Sales leaders: Maintains open and effective relationships with sales/service distribution networks across all segments to ensure that customers are well understood, sales forces have the required product knowledge, and that the product suite is well positioned to meet the needs within the marketplace
• Technology & Operations: Addresses technology requirements to deliver the product roadmap, ensuring adequate funding and resources
• Finance / Treasury: Ensures accurate planning, financial forecasting, transfer pricing, balance sheet risk management and regulatory compliance
• TPS Product partners: Regularly engages with all TPS product and digital teams to identify / plan / prioritize intersections, to deliver a well managed product roadmap and an E2E digital-first product experience
• BMO Partners / Corporate Development: Outlines critical capabilities required and collaborate to identify industry solutions for TPS to leverage
The Head, North American Commercial Deposits, will lead a team to deliver on the above and as a leader, will be responsible for:
• Activating our winning culture, aligned with Purpose. Ignites engagement by aligning our culture to our strategy and fueling exceptional execution
• Fostering diversity, equity and inclusion and creates an inclusive environment for all employees by eliminating barriers to inclusion
• Developing leaders, plans for succession, and fosters a high-performance culture • Driving top talent acquisition and retention, developing organizational capabilities to drive competitive advantage
• Leading and mentoring employees with diverse risk and business experience, skills, and orientation
• Leading, promoting, and role modelling the Bank’s customer focus to support our vision
Qualifications:
• University degree - Master of Business Administration is an asset
• ~5-10 years of Product Leadership experience (ideally deposits) with progressive growth, and comprehensive knowledge of treasury, payments, corporate card, deposit product, commercial businesses, and client servicing.
• Experience in delivery of highly complex strategic initiatives or projects impacting large groups of people, processes, and technology
• Strategy and roadmap planning, combined with equally strong execution focus
• Strong people leadership, interpersonal, communications and influencing skills with all levels of stakeholders, incl. executives at all levels of the organization
• Highly developed relationship management skills to effectively manage relationships across multiple levels of the organization, across lines of business, across various BMO groups
• Strong consulting and change management skills, able to think strategically and implement strategic vision
• Deep understanding of Commercial Payments and underlying technology systems that support the payment ecosystem
Please note the base salary range for this role is CDN $200K - $230K
Salary:
Pay Type:
The above represents BMO Financial Group’s pay range and type.
Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.
BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards
About Us
At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://jobs.bmo.com/ca/en.
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.
Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.