- Alongside an earnings miss this morning, with adjusted income held back by a big rise in loan-loss provisions, Bank of Montreal (BMO +1.8%) plans to cut about 1,850 jobs from its 46K-strong workforce, according to a memo seen by Reuters.
- In the memo, CEO Bill Downe takes note of structural changes in the financial services industry, i.e. new digital technologies.
- Reported FQ2 income was in even lower thanks to a C$132M restructuring charge.
- As for those boosted loan loss provisions - not a surprise, says National Bank's Peter Routledge, who expects similar actions from across the banking sector.
- Previously: BMO eases earnings miss with dividend hike (May 25)