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BMO Capital Markets cutting jobs amid challenging market conditions

BMO Capital Markets cutting jobs amid challenging market conditions

TORONTO — Bank of Montreal is cutting jobs in its capital markets division.

Spokesperson Kelly Hechler confirmed the job cuts to The Canadian Press Thursday.

No additional details were provided on the number of staff or specific roles affected.

The cuts come a few weeks after BMO reported a drop in earnings as a pullback in capital markets more than offset gains from loan growth and improved returns on interest income.

Reported net income for BMO Capital Markets in the third quarter was $262 million, compared with $553 million in the prior year, and adjusted net income was $266 million, compared with $559 million.

During the bank’s earnings call with analysts in August, CEO Darryl White said “BMO Capital Markets’ results (in the quarter) were impacted by the market conditions and lower client activity.”

This report by The Canadian Press was first published Sept. 15, 2022.

Companies in this story: (TSX:BMO)

The Canadian Press

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