BMO earnings hit by severance, legal costs as it focuses on containing expenses

📆 29/8/2023 17:24:00
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TORONTO — BMO Financial Group's third-quarter profit took a hit in part from severance costs and rising provisions for bad loans as the bank prepares for an extended stretch of economic strain.

"As we look ahead, we're all aware of the macro headwinds facing the industry," said chief executive Darryl White on an analyst call Tuesday.

Costs related to layoffs totalled $223 million pre-tax in the quarter, though the bank did not disclose the number of employees let go. BMO also recorded $83 million in legal provisions this past quarter related to settlements with U.S. regulators. The penalties stemmed from record-keeping violations after employees used personal texts and WhatsApp to communicate with clients.

Analysts on average had expected an adjusted profit of $3.13 per share, based on estimates compiled by financial markets data firm Refinitiv.

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