BMO to shutter retail auto finance business as bad debt mounts

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MONTREAL — BMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt.

The Bank of Montreal also says the decision will trigger an unspecified number of layoffs in Canada and the U.S.

In its retail line, the bank's provisions for credit losses rose 800 per cent to $81 million last quarter from $9 million the year before. The higher borrowing costs have begun to slow some lending demand and deal-making amid heavy competition among Canadian banks on mortgage rates and wider concerns about a general economic slowdown.

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