Bank of Montreal has shuffled the senior management at its discount brokerage operations, replacing the head of its BMO InvestorLine subsidiary.

Tom Flanagan, who for the past five years has served as president of InvestorLine, has left the bank.

Connie Stefankiewicz has been named as his replacement, effective immediately.

BMO also said that Bruce Schwenger and Rod Trautvetter, both based in Chicago, will be departing.

Both men worked for HarrisDirect, the discount brokerage that BMO sold this summer to E*Trade Financial Corp.