BMO Capital Markets is cutting jobs after downturn in business - BNN Bloomberg

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 50%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Bank of Montreal’s capital-markets division is cutting jobs across its businesses and locations in response to weakening market conditions, according to people familiar with the matter.

The cuts account for a small percentage of the firm’s personnel, said one of the people, who didn’t provide a specific figure.

Banks are cutting staff amid a drop in debt and equity issuances, along with weakness in some areas of the trading business. Goldman Sachs Group Inc. plans to eliminate several hundred roles starting this month, marking its biggest round of cuts since the start of the coronavirus pandemic. Canada’s six largest banks have bulked up in the last few years and may cut jobs, including in investment banking, which accounts for a large portion of their compensation expenses, said Adam Dean, president and founding partner of Dean Executive Search.

The situation is a stark reversal from less than a year ago, when the job market for capital-markets talent was booming, and the banks increased bonuses by the most in at least nine years.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Just like Goldman, you called it Jimmy Chill jimcramer

Massive profits but gotta cut jobs…

That's going to cause further selling in homes as all those laid out will sell.

Canada Canada Latest News, Canada Canada Headlines