Bank of Montreal is working to improve the profitability of its U.S. division.

Bank of Montreal BMO-T has tapped Caroline Dufaux as chief financial officer of its U.S. division as the lender works to improve the unit’s profitability.

Ms. Dufaux is currently CFO of the bank’s capital markets unit, where she provides financial governance, strategic direction and decision-making support.

She will join the U.S. division in the midst of BMO’s efforts to improve its return-on-equity (ROE) – a key measure of profitability – which has been weighed down by the lender’s business in that country.

Ms. Dufaux fills a vacancy left by Rahul Nalgirkar, who was named BMO’s new CFO as Tayfun Tuzun prepares to retire in 2026. She will take on her new role as of Jan. 1, according to an internal memo see

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