Insider Report: BMO executives land million-dollar paydays

BMO Financial Group announced that Darrel Hackett, CEO of its U.S. subsidiary, will retire on November 1. Tim Cox, current U.S. general counsel, will succeed Hackett. BMO plans to open 145 new branches in California and Arizona by 2031. The bank has $1.5 trillion in assets and is the eighth-largest in North America.

BMO Financial Group named Tim Cox as U.S. CEO and Country Head, effective Nov. 1, 2026. Darrel Hackett will become Executive Vice-Chair and Senior Advisor. The change follows years of North American expansion, according to the company.

Gildan Activewear faces a securities class action lawsuit alleging it inflated revenue by pushing excess merchandise into distribution channels. The lawsuit, filed by investor Beda Cortez, claims Gildan misled investors about internal controls and revenue figures in its 2024 and 2025 filings. The allegations are supported by a report from Jehoshaphat Research, which estimated a $500 million product overhang. Gildan's shares fell 18.7% on June 16, 2026, following the report.

The US Office of the Comptroller of the Currency (OCC) reviewed nine banks, finding discriminatory practices against customers based on political or religious views. JPMorgan Chase's subsidiary WePay closed accounts linked to conservative merchandise and organizations. JPMorgan shut down WePay and denied altering records for political reasons. Other banks like PNC and Capital One also faced allegations of discrimination. The OCC plans to assess regulatory changes to prevent such practices.

The OCC found that nine major banks used subjective reputation policies, impacting lawful businesses, including digital assets. The report, based on extensive data, supports crypto industry claims of debanking but does not prove a coordinated government campaign. Banks reviewed include JPMorgan Chase, Bank of America, and Citibank.

The Office of the Comptroller of the Currency (OCC) released a report stating that nine major U.S. banks may have denied or limited services to customers based on political or religious beliefs. The banks reviewed include JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO. The OCC found that these banks had risk policies lacking clear standards, potentially disadvantaging certain customers.