# BMO (U.S.) competitors: and the alternatives

Source: https://www.bankingnewsai.com/banks/bmo-us/competitors
Last updated: Oct 20, 2026

*Part of the [BMO (U.S.) AI strategy profile](https://www.bankingnewsai.com/banks/bmo-us). Peer group: U.S. Bancorp, Fifth Third Bancorp, Huntington Bancshares, PNC Financial Services, KeyCorp (KeyBank), Citizens Financial Group, TD Bank (U.S.), First Citizens BancShares.*

## Who are BMO (U.S.)'s competitors, and what are the alternatives?

BMO's US bank competes in two different markets. In the Midwest, where it has about 320 branches in Illinois and Wisconsin and double-digit deposit shares in both states, its rivals are the super-regionals expanding into its home ground: PNC is adding 25 branches in Chicago, where it already has 113, and Huntington ranks 11th in Chicago deposits and fifth in Minneapolis-St. Paul. In California, where BMO has about 220 branches, a 2% deposit share and a plan for more than 350, it is a challenger to the four banks with the most branches in the state: JPMorgan Chase (871), Wells Fargo (788), Bank of America (697) and U.S. Bancorp (565). In commercial banking, the core of its US business with about 22,000 clients and 55% of US revenue, BMO holds a top-10 market share and wants a top-5 place; KeyBank has built middle-market teams in Chicago and Southern California, and U.S. Bank hired BMO commercial managers in Kansas City. BMO's own annual report adds that AI and digital currencies are 'creating new risks and competitive pressures' and new competitors, and in deposits the fintech-born banks are rising: SoFi became the first to crack the top 50 by deposits in 2026 and Chime is buying a bank. BMO's CEO conceded it had been 'hard to compete as a regional bank in the $50 billion to $100 billion-asset range' before the Bank of the West deal. ([American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth), [Banking Dive](https://www.bankingdive.com/news/pnc-300-new-branches-2030-2000-hires-chicago-nashville/805026/), [Huntington Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/49196/000004919626000015/hban-20251231.htm), [American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/), [Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm), [Banking Dive](https://www.bankingdive.com/news/keybank-commercial-banking-hires-middle-market/750702/), [Kansas City Business Journal](https://www.bizjournals.com/kansascity/news/2026/01/28/us-bank-institutional-client-group-kansas-city.html), [American Banker](https://www.americanbanker.com/news/in-a-first-fintech-company-cracks-u-s-top-50-in-deposits))

## What does BMO say about its competition?

"The U.S. banking environment remains highly competitive with several bank merger and acquisition transactions announced that will impact banks' strategies in the markets they serve. We expect loan and deposit growth to strengthen, excluding the impact of the announced sale of branches in non-strategic markets, with revenue growth supported by the alignment and deeper integration of our Personal and Business Banking, Commercial Banking and Private Wealth franchises. We are focused on allocating resources to areas of competitive strength, advancing growth initiatives while maintaining disciplined expense management to accelerate business momentum and capture growth opportunities as economic conditions improve." (BMO Financial Group 2025 Annual Report, MD&A, U.S. Banking business environment and outlook, filed with Form 40-F on December 4, 2025.) ([Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm))

"Technological advancements and innovation, in particular AI and digital currencies, are evolving rapidly and creating new risks and competitive pressures across the industry. Through innovation we aim to deliver digital solutions, services, processes and products that keep pace with industry developments and rapidly evolving customer expectations, as well as new competitors, without disruption to business-critical systems." (2025 Annual Report, technology resilience, innovation and competition risk.) ([Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm))

At its March 2026 investor day, CEO Darryl White said it was hard to compete as a regional bank in the $50 billion to $100 billion-asset range, which is why BMO invested and bought Bank of the West; US president Aron Levine said of commercial banking: "We can compete with anyone, at any time, across commercial." ([American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/))

## Who competes with BMO in each of its businesses?

| Business line | Competitor | Type | Why it competes |
| --- | --- | --- | --- |
| California expansion | [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Bank | JPMorgan Chase has the most branches in California, 871, per FDIC data cited by American Banker (March 2026); BMO, with about 220 branches and a 2% deposit share there, plans more than 130 new financial centers in five years. ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years), [American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth)) |
| California expansion | [Wells Fargo](https://www.bankingnewsai.com/banks/wells-fargo) | Bank | Wells Fargo has 788 branches in California, second to Chase (American Banker, March 2026), in the state where 80% of BMO's future commercial hires will go. ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/)) |
| California expansion | [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | Bank | Bank of America has 697 California branches (American Banker, March 2026); BMO's US president Aron Levine and commercial head Tony Sciarrino both came from Bank of America to lead the California push. ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/)) |
| California expansion | [U.S. Bancorp](https://www.bankingnewsai.com/banks/us-bancorp) | Bank | U.S. Bancorp has 565 branches in California, fourth in the state (American Banker, March 2026). ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years)) |
| Midwest branches and deposits (Illinois, Wisconsin, Minnesota) | [PNC](https://www.bankingnewsai.com/banks/pnc) | Bank | PNC is adding 25 branches in Chicago, where it already has 113, calling it a key growth market (Banking Dive, November 2025); BMO, whose US operations are based in Chicago, has a double-digit deposit share in Illinois (American Banker, March 2026). ([Banking Dive](https://www.bankingdive.com/news/pnc-300-new-branches-2030-2000-hires-chicago-nashville/805026/), [American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth)) |
| Midwest branches and deposits (Illinois, Wisconsin, Minnesota) | [Huntington](https://www.bankingnewsai.com/banks/huntington) | Bank | Huntington's 10-K ranks it 11th in Chicago deposits and fifth in Minneapolis-St. Paul (FDIC, June 2025), two of BMO's Midwestern markets. ([Huntington Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/49196/000004919626000015/hban-20251231.htm), [American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth)) |
| Midwest branches and deposits (Illinois, Wisconsin, Minnesota) | [Chime and fintech-born banks](https://www.bankingnewsai.com/fintech/chime) | Fintech | American Banker reports SoFi became the first bank with fintech roots in the top 50 by deposits ($46.8 billion, June 2026) and that Chime, opening checking accounts faster than even the largest banks, plans to buy Stride Bank; BMO's annual report flags new competitors from technology and digital currencies. ([American Banker](https://www.americanbanker.com/news/in-a-first-fintech-company-cracks-u-s-top-50-in-deposits), [Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm)) |
| Commercial and middle-market banking | [KeyBank](https://www.bankingnewsai.com/banks/keybank) | Bank | KeyBank expanded middle-market commercial teams in Chicago and Southern California, which it calls two of the largest concentrations of middle-market companies (Banking Dive, June 2025); BMO's US commercial bank serves about 22,000 clients with $10 million to $2 billion of revenue and is concentrating hiring in California. ([Banking Dive](https://www.bankingdive.com/news/keybank-commercial-banking-hires-middle-market/750702/), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/)) |
| Commercial and middle-market banking | [U.S. Bancorp](https://www.bankingnewsai.com/banks/us-bancorp) | Bank | U.S. Bank hired two experienced bankers from BMO's commercial bank to build its institutional banking presence in Kansas City (Kansas City Business Journal, January 2026). ([Kansas City Business Journal](https://www.bizjournals.com/kansascity/news/2026/01/28/us-bank-institutional-client-group-kansas-city.html)) |
| Treasury, payments and digital cash | Stablecoin and digital-currency platforms | Fintech | BMO's annual report says AI and digital currencies are 'creating new risks and competitive pressures across the industry' and new competitors; BMO plans a tokenized cash platform on Google Cloud's Universal Ledger with CME (March 2026) and wants to raise US commercial treasury and payments penetration from 57% to 70%. ([Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm), [The Wall Street Journal](https://www.wsj.com/finance/banking/bank-of-montreal-plans-tokenized-cash-platform-0ee00c73), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/)) |

## How do the AI and digital offerings of BMO's competitors compare?

BMO first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.

| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
| --- | --- | --- | --- |
| [BMO (U.S.) (this page)](https://www.bankingnewsai.com/banks/bmo-us) | Lumi, Aura and the Institute for Applied AI & Quantum ([BMO](https://www.bmo.com/en-ca/main/about-bmo/news-insights/blog/meet-lumi-assistant-bmos-award-winning-ai-tool-empowering-team-bmo), [BMO AI Hub](https://ai.bmo.com/our-stories/aura-helping-power-bmos-goal-of-50-faster-underwriting-by-2028), [BMO](https://newsroom.bmo.com/2026-04-09-BMO-Establishes-Institute-for-Applied-Artificial-Intelligence-Quantum)) | [Index 85.8 (#10); 16 use cases, 14 in production](https://www.bankingnewsai.com/banks/bmo-us) | Evident AI Index 2026: top 20 overall, #2 for AI outcomes (Oct 6, 2026) ([BMO (CNW via FT Markets)](https://markets.ft.com/data/announce/full?dockey=600-202610060700CANADANWCANADAPR_C6630-1)) |
| [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | LLM Suite for about 250,000 employees. ([American Banker](https://www.americanbanker.com/video/wib-2025/driving-ai-use-cases-and-adoption-aligning-business-value-data-readiness-and-risk-management)) | [Index 89 (#6); 15 use cases, 8 in production](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026) ([CNBC](https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [American Banker](https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents)) |
| [Wells Fargo](https://www.bankingnewsai.com/banks/wells-fargo) | Fargo, more than 1 billion interactions by March 2026. ([Wells Fargo (Business Wire)](https://www.businesswire.com/news/home/20260326542274/en/Wells-Fargo-Reaches-Major-Digital-Milestones)) | [Index 88.8 (#7); 16 use cases, 13 in production](https://www.bankingnewsai.com/banks/wells-fargo) | Q3 2026 call: AI agents in code, marketing, cyber, underwriting (Oct 13, 2026) ([PYMNTS](https://pymnts.com/earnings/2026/wells-fargo-enhances-banking-capabilities-using-ai-and-digital-assets), [Wells Fargo](https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/third-quarter-2026-earnings.pdf)) |
| [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | Erica, more than 3 billion interactions and nearly 50 million users (August 2025). ([Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/08/a-decade-of-ai-innovation--bofa-s-virtual-assistant-erica-surpas.html)) | [Index 97.3 (#1); 18 use cases, 16 in production](https://www.bankingnewsai.com/banks/bank-of-america) | Treasury, FinCEN and OCC impose $1.21 billion in AML and sanctions penalties (Oct 13, 2026) ([U.S. Department of the Treasury](https://home.treasury.gov/news/press-releases/sb0657), [Office of the Comptroller of the Currency](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-89.html), [Banking Dive](https://bankingdive.com/news/bofa-fined-1-21-billion-over-aml-bsa-occ-treasury/832915)) |
| [U.S. Bancorp](https://www.bankingnewsai.com/banks/us-bancorp) | Smart Assistant used 2.5 million times a month. ([U.S. Bank](https://usbank.com/content/dam/usbank/en/documents/pdfs/about-us-bank/2025-annual-report.pdf)) | [Index 81.3 (#18); 18 use cases, 16 in production](https://www.bankingnewsai.com/banks/us-bancorp) | Venkatachari: from proving AI to industrializing it (Oct 7, 2026) ([Forbes (Yahoo Finance)](https://finance.yahoo.com/news/u-bank-industrializing-ai-132012524.html)) |
| [PNC](https://www.bankingnewsai.com/banks/pnc) | 'AI factory' building in-house language models (June 2026). ([American Banker](https://www.americanbanker.com/news/why-pnc-is-building-its-own-ai-factory)) | [Index 68.2 (#38); 14 use cases, 8 in production](https://www.bankingnewsai.com/banks/pnc) | Head of ATM Banking hired with an AI mandate (Sep 25, 2026) ([Columbus Business First (bizjournals.com)](https://www.bizjournals.com/columbus/potmsearch/detail/submission/6578669/Mark_Williamson)) |
| [Huntington](https://www.bankingnewsai.com/banks/huntington) | 50 AI agents in production (April 2026). ([Fortune](https://fortune.com/2026/04/24/huntington-bancshares-cfo-ai-strategist/)) | [Index 84.2 (#13); 17 use cases, 15 in production](https://www.bankingnewsai.com/banks/huntington) | Named a Coverbase enterprise customer (Sep 29, 2026) ([Coverbase (GlobeNewswire)](https://www.globenewswire.com/news-release/2026/09/29/3370991/0/en/coverbase-adds-third-party-risk-veterans-as-enterprise-adoption-accelerates.html)) |
| [Chime and fintech-born banks](https://www.bankingnewsai.com/fintech/chime) | Jade, an in-app AI 'Financial Partner' that answers spending questions. ([Chime](https://help.chime.com/manage-money-56350c4d/jade-financial-partner-09a6e8e3/what-is-jade-financial-partner-d9c77341)) | [8 use cases, 6 in production](https://www.bankingnewsai.com/fintech/chime) | Agreement to acquire Stride Bank (Sep 8, 2026) ([Chime](https://investors.chime.com/news-releases/news-release-details/chime-announces-agreement-acquire-stride-bank)) |
| [KeyBank](https://www.bankingnewsai.com/banks/keybank) | Generative AI cut analyst research time in commercial loan approvals from 60% to 25% of the process. ([Google Cloud](https://cloud.google.com/transform/why-context-not-just-data-volume-is-key-to-successful-ai)) | [Index 80 (#21); 16 use cases, 10 in production](https://www.bankingnewsai.com/banks/keybank) | Gessner ranked No. 3 in American Banker's Most Powerful Women in Banking NEXT (Oct 1, 2026) ([American Banker](https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-next-3-emily-gessner-keybank)) |
| Stablecoin and digital-currency platforms | Not disclosed | No profile | Not disclosed |

## Who should look beyond BMO, and where?

| If you are | Look at | Why |
| --- | --- | --- |
| Customers of the 138 branches BMO sold | [First Citizens Bank](https://www.bankingnewsai.com/banks/first-citizens) | BMO sold 138 branches in select markets, mostly in the Midwest and Great Plains, to First Citizens, which assumed about US$5.7 billion of deposits and bought about US$1.1 billion of loans; the sale was completed in September 2026. ([Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm), [American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth), [CNW via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202609041801CANADANWCANADAPR_C7959-1)) |
| Californians who want the densest branch network | [JPMorgan Chase, Wells Fargo or Bank of America](https://www.bankingnewsai.com/banks/jpmorgan-chase) | BMO has about 220 California branches and a 2% deposit share, building toward more than 350; Chase has 871 branches in the state, Wells Fargo 788 and Bank of America 697 (FDIC data via American Banker, March 2026). ([American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth), [American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years)) |
| Customers who want a large-scale consumer AI assistant | [Bank of America's Erica or Wells Fargo's Fargo](https://www.bankingnewsai.com/banks/bank-of-america) | BMO's named AI tools in the US serve employees (Nova, Lexi, Aura and ARM); Erica had more than 3 billion interactions and nearly 50 million users by August 2025, and Fargo passed 1 billion interactions by March 2026. ([BMO Financial Group (investor relations)](https://www.bmo.com/ir/files/pdfs/BMOInvestorDayPresentation.pdf), [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/08/a-decade-of-ai-innovation--bofa-s-virtual-assistant-erica-surpas.html), [Wells Fargo (Business Wire)](https://www.businesswire.com/news/home/20260326542274/en/Wells-Fargo-Reaches-Major-Digital-Milestones)) |
| Small companies below BMO's commercial range | Business banking at BMO or regional and community lenders | BMO's US commercial bank serves about 22,000 clients with between $10 million and $2 billion of annual revenue (Banking Dive, March 2026); smaller firms are served by Personal and Business Banking, which BMO reports separately in its annual report. ([Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/), [Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm)) |

## How does BMO's California network compare with the leaders'?

Branches in California from FDIC data cited by American Banker (March 17, 2026); BMO's figures are its own.

| Bank | California branches | Note |
| --- | --- | --- |
| JPMorgan Chase | 871 | Most in the state ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years)) |
| Wells Fargo | 788 | ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years)) |
| Bank of America | 697 | ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years)) |
| U.S. Bancorp | 565 | ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years)) |
| BMO | About 220 (plan: more than 350 in five years) | 2% deposit share in California; double-digit shares in Illinois and Wisconsin ([American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth), [Reuters](https://www.reuters.com/business/finance/bank-montreal-open-over-130-new-california-locations-2026-03-17/)) |

## Common questions

### Who are BMO's biggest competitors in the US?

In California, JPMorgan Chase, Wells Fargo, Bank of America and U.S. Bancorp, which have the most branches in the state. In the Midwest, super-regionals such as PNC and Huntington. In commercial banking, KeyBank and U.S. Bank among others, as BMO tries to move from a top-10 to a top-5 commercial bank. And in deposits, fintech-born banks such as SoFi and Chime, which BMO's annual report covers as new competitors. ([American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years), [Banking Dive](https://www.bankingdive.com/news/pnc-300-new-branches-2030-2000-hires-chicago-nashville/805026/), [Huntington Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/49196/000004919626000015/hban-20251231.htm), [Banking Dive](https://www.bankingdive.com/news/keybank-commercial-banking-hires-middle-market/750702/), [Kansas City Business Journal](https://www.bizjournals.com/kansascity/news/2026/01/28/us-bank-institutional-client-group-kansas-city.html), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/), [American Banker](https://www.americanbanker.com/news/in-a-first-fintech-company-cracks-u-s-top-50-in-deposits))

### Is BMO US the same as BMO Financial Group?

No. BMO Bank N.A. is the US bank of Toronto-based BMO Financial Group, reported in the group's U.S. Banking segment; it files no 10-K, and the group files a 40-F. About 40% of BMO's 2025 earnings came from the US. This page covers US lines; BMO's AI program, including its Institute for Applied AI & Quantum, is run at group level. ([Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm), [American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth), [BMO](https://newsroom.bmo.com/2026-04-09-BMO-Establishes-Institute-for-Applied-Artificial-Intelligence-Quantum))

### Why did BMO sell 138 US branches to First Citizens?

To exit markets with lower growth prospects, mostly in the Midwest and Great Plains, and redeploy capital to denser markets, chiefly California. First Citizens assumed about US$5.7 billion of deposits and bought about US$1.1 billion of loans; the sale closed in September 2026. BMO plans 150 new branches over five years, more than 130 of them in California. ([Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm), [American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth), [CNW via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202609041801CANADANWCANADAPR_C7959-1), [Reuters](https://www.reuters.com/business/finance/bank-montreal-open-over-130-new-california-locations-2026-03-17/))

### Can BMO compete with Chase and Wells Fargo in California?

It is trying from a much smaller base: about 220 branches and a 2% deposit share against 871 Chase and 788 Wells Fargo branches in the state. BMO expects $50 million to $60 million of retail deposits per new branch within three years and says brand consideration in California rose from 11% to 27% in two years. ([American Banker](https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth), [American Banker](https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/))

### How big is BMO's US commercial bank?

BMO's US commercial bank serves about 22,000 clients with $10 million to $2 billion of annual revenue, produces about 55% of US revenue and holds 70% of US loans and 47% of deposits, with about 800 bankers aiming for 960 by fiscal 2028. BMO says it has a top-10 market share in US commercial banking by wholesale loans and wants to be top five. ([Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/), [Bank of Montreal (SEC filing)](https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm))

### Does KeyBank compete with BMO?

In commercial banking, yes. KeyBank expanded middle-market teams in Chicago, where BMO's US operations are based, and Southern California, where BMO is concentrating its commercial hiring; KeyBank calls the two markets some of the largest concentrations of middle-market companies in the US. On AI disclosure BMO scores 85.8 and KeyBank 80. ([Banking Dive](https://www.bankingdive.com/news/keybank-commercial-banking-hires-middle-market/750702/), [Banking Dive](https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/))

## Peers on this site

- [U.S. Bancorp AI strategy](https://www.bankingnewsai.com/banks/us-bancorp) · [vs peers](https://www.bankingnewsai.com/banks/us-bancorp/vs-peers)
- [Fifth Third Bancorp AI strategy](https://www.bankingnewsai.com/banks/fifth-third) · [vs peers](https://www.bankingnewsai.com/banks/fifth-third/vs-peers)
- [Huntington Bancshares AI strategy](https://www.bankingnewsai.com/banks/huntington) · [vs peers](https://www.bankingnewsai.com/banks/huntington/vs-peers)
- [PNC Financial Services AI strategy](https://www.bankingnewsai.com/banks/pnc) · [vs peers](https://www.bankingnewsai.com/banks/pnc/vs-peers)
- [KeyCorp (KeyBank) AI strategy](https://www.bankingnewsai.com/banks/keybank) · [vs peers](https://www.bankingnewsai.com/banks/keybank/vs-peers)
- [Citizens Financial Group AI strategy](https://www.bankingnewsai.com/banks/citizens) · [vs peers](https://www.bankingnewsai.com/banks/citizens/vs-peers)
- [TD Bank (U.S.) AI strategy](https://www.bankingnewsai.com/banks/td-bank-us) · [vs peers](https://www.bankingnewsai.com/banks/td-bank-us/vs-peers)
- [First Citizens BancShares AI strategy](https://www.bankingnewsai.com/banks/first-citizens) · [vs peers](https://www.bankingnewsai.com/banks/first-citizens/vs-peers)

## Sources

1. Why BMO sees California expansion as key to future growth — American Banker, Mar 26, 2026. https://www.americanbanker.com/news/why-bmo-sees-california-expansion-as-key-to-future-growth
2. PNC boosts new-branch effort to 300 by 2030 — Banking Dive, Nov 7, 2025. https://www.bankingdive.com/news/pnc-300-new-branches-2030-2000-hires-chicago-nashville/805026/
3. Huntington Bancshares Annual Report on Form 10-K for 2025 — Huntington Bancshares (SEC filing), Feb 13, 2026. https://www.sec.gov/Archives/edgar/data/49196/000004919626000015/hban-20251231.htm
4. BMO to boost California branch count by 50% over five years — American Banker, Mar 17, 2026. https://www.americanbanker.com/news/bmo-to-boost-california-branch-count-by-50-over-five-years
5. BMO eyes top-5 commercial bank status with California push — Banking Dive, Mar 31, 2026. https://www.bankingdive.com/news/bmo-commercial-bank-us-growth-california-levine-sciarrino/816237/
6. Bank of Montreal Form 40-F for fiscal 2025, Exhibit 99.2: 208th Annual Report 2025, Management's Discussion and Analysis — Bank of Montreal (SEC filing), Dec 4, 2025. https://www.sec.gov/Archives/edgar/data/927971/000119312525307982/d938207dex992.htm
7. KeyBank wants to boost commercial team hires by 10% this year — Banking Dive, Jun 13, 2025. https://www.bankingdive.com/news/keybank-commercial-banking-hires-middle-market/750702/
8. U.S. Bank hires former BMO managers for its Kansas City institutional business — Kansas City Business Journal, Jan 28, 2026. https://www.bizjournals.com/kansascity/news/2026/01/28/us-bank-institutional-client-group-kansas-city.html
9. In a first, fintech company cracks U.S. top 50 in deposits — American Banker, Sep 22, 2026. https://www.americanbanker.com/news/in-a-first-fintech-company-cracks-u-s-top-50-in-deposits
10. Bank of Montreal Plans Tokenized Cash Platform — The Wall Street Journal, Mar 24, 2026. https://www.wsj.com/finance/banking/bank-of-montreal-plans-tokenized-cash-platform-0ee00c73
11. Meet Lumi Assistant: BMO's award-winning AI tool empowering Team BMO — BMO, Jun 24, 2025. https://www.bmo.com/en-ca/main/about-bmo/news-insights/blog/meet-lumi-assistant-bmos-award-winning-ai-tool-empowering-team-bmo
12. Aura: Helping power BMO's goal of 50% faster underwriting by 2028 — BMO AI Hub, Aug 6, 2026. https://ai.bmo.com/our-stories/aura-helping-power-bmos-goal-of-50-faster-underwriting-by-2028
13. BMO Establishes Institute for Applied Artificial Intelligence & Quantum — BMO, Apr 9, 2026. https://newsroom.bmo.com/2026-04-09-BMO-Establishes-Institute-for-Applied-Artificial-Intelligence-Quantum
14. BMO Earns Top Recognition for Responsible AI Leadership in Global Banking — BMO (CNW via FT Markets), Oct 6, 2026. https://markets.ft.com/data/announce/full?dockey=600-202610060700CANADANWCANADAPR_C6630-1
15. Driving AI Use Cases and Adoption (Women in Banking 2025 session) — American Banker, Oct 21, 2025. https://www.americanbanker.com/video/wib-2025/driving-ai-use-cases-and-adoption-aligning-business-value-data-readiness-and-risk-management
16. JPMorgan Chase blocks outside AI agents like Muse, Instinct from directly accessing accounts — CNBC, Oct 13, 2026. https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html
17. JPMorgan CEO Dimon warns customers of 'liability transfer' with AI — Banking Dive, Oct 13, 2026. https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870
18. JPMorgan warns of risks to consumers who rely on AI agents — American Banker, Oct 13, 2026. https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents
19. Wells Fargo Reaches Major Digital Milestones — Wells Fargo (Business Wire), Mar 26, 2026. https://www.businesswire.com/news/home/20260326542274/en/Wells-Fargo-Reaches-Major-Digital-Milestones
20. Wells Fargo Enhances Banking Capabilities Using AI and Digital Assets — PYMNTS, Oct 13, 2026. https://pymnts.com/earnings/2026/wells-fargo-enhances-banking-capabilities-using-ai-and-digital-assets
21. Wells Fargo Reports Third Quarter 2026 Net Income of $6.0 billion, or $1.87 per Diluted Share — Wells Fargo, Oct 13, 2026. https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/third-quarter-2026-earnings.pdf
22. A Decade of AI Innovation: BofA's Virtual Assistant Erica Surpasses 3 Billion Client Interactions — Bank of America Newsroom, Aug 1, 2025. https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/08/a-decade-of-ai-innovation--bofa-s-virtual-assistant-erica-surpas.html
23. U.S. Treasury Announces Record Enforcement Actions Against Bank of America — U.S. Department of the Treasury, Oct 13, 2026. https://home.treasury.gov/news/press-releases/sb0657
24. OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance — Office of the Comptroller of the Currency, Oct 13, 2026. https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-89.html
25. BofA fined $1.21 billion over AML — Banking Dive, Oct 13, 2026. https://bankingdive.com/news/bofa-fined-1-21-billion-over-aml-bsa-occ-treasury/832915
26. U.S. Bancorp Annual Report 2025 — U.S. Bank, Feb 23, 2026. https://usbank.com/content/dam/usbank/en/documents/pdfs/about-us-bank/2025-annual-report.pdf
27. How U.S. Bank Is Industrializing AI — Forbes (Yahoo Finance), Oct 7, 2026. https://finance.yahoo.com/news/u-bank-industrializing-ai-132012524.html
28. Why PNC is building its own 'AI factory' — American Banker, Jun 11, 2026. https://www.americanbanker.com/news/why-pnc-is-building-its-own-ai-factory
29. Mark Williamson hired as Head of ATM Banking — Columbus Business First (bizjournals.com), Sep 25, 2026. https://www.bizjournals.com/columbus/potmsearch/detail/submission/6578669/Mark_Williamson
30. At Huntington Bancshares, the CFO is also the AI strategist — Fortune, Apr 24, 2026. https://fortune.com/2026/04/24/huntington-bancshares-cfo-ai-strategist/
31. Coverbase Adds Third-Party Risk Veterans as Enterprise Adoption Accelerates — Coverbase (GlobeNewswire), Sep 29, 2026. https://www.globenewswire.com/news-release/2026/09/29/3370991/0/en/coverbase-adds-third-party-risk-veterans-as-enterprise-adoption-accelerates.html
32. What is Jade Financial Partner? (help centre, retrieved 2026-09-23) — Chime, Sep 23, 2026. https://help.chime.com/manage-money-56350c4d/jade-financial-partner-09a6e8e3/what-is-jade-financial-partner-d9c77341
33. Chime Announces Agreement to Acquire Stride Bank — Chime, Sep 8, 2026. https://investors.chime.com/news-releases/news-release-details/chime-announces-agreement-acquire-stride-bank
34. Why context, not just data volume, is key to successful AI — Google Cloud, Nov 16, 2025. https://cloud.google.com/transform/why-context-not-just-data-volume-is-key-to-successful-ai
35. The Most Powerful Women in Banking NEXT, #3, Emily Gessner, KeyBank — American Banker, Oct 1, 2026. https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-next-3-emily-gessner-keybank
36. BMO Completes Sale of 138 U.S. Branches to First Citizens Bank — CNW via FT Markets, Sep 4, 2026. https://markets.ft.com/data/announce/full?dockey=600-202609041801CANADANWCANADAPR_C7959-1
37. 2026 BMO Investor Day presentation — BMO Financial Group (investor relations), Mar 26, 2026. https://www.bmo.com/ir/files/pdfs/BMOInvestorDayPresentation.pdf
38. Bank of Montreal to open over 130 new California locations — Reuters, Mar 17, 2026. https://www.reuters.com/business/finance/bank-montreal-open-over-130-new-california-locations-2026-03-17/

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