Bank of Montreal appointed Blake Jespersen as head of debt capital markets, with Richard Sibthorpe stepping down at the end of June after a decade leading the unit, according to people familiar with the matter.

Jespersen, currently managing director for corporate sales and structuring, will report to Steve Thom and Carrie Cook, the people said, asking not to be identified because the details are private. Thom has been promoted to head of global credit at the firm. Cook recently joined the company as global head of investment and corporate banking.

A representative for Bank of Montreal did not immediately reply to calls and emails seeking comment. Sibthorpe and Jespersen also did not immediately comment.  

BMO has been reducing staff in its US investment banking unit again as it continues to trim costs, Bloomberg reported earlier this month. 

The Canadian lender cut about 100 positions at BMO Capital Markets last June, Bloomberg reported at the time. In August, it announced a broader restructuring program with a goal of $400 million (US$293 million) in annual savings. It’s on track to get there by the end of 2024, Chief Executive Officer Darryl White said during the bank’s fiscal first-quarter earnings call in February. 

“We’ve reduced expenses by 4 per cent from last quarter and remain focused on returning to positive operating leverage beginning next quarter,” he said.

Bank of Montreal’s capital markets division reported a 19 per cent drop in net income to $393 million in the quarter ended Jan. 31, with results dragged down by lower trading revenue.