The decision will also trigger an unspecified number of layoffs in Canada and the U.S., the Bank of Montreal said.
Those dents on the income statement hint at the financial strain facing consumers, who have struggled to cope with a spike in interest rates over the past year and a half. The Bank of Montreal's indirect retail auto loans segment works with car dealerships to arrange financing for car buyers, who in turn make monthly payments to the lender — the bank. BMO's commercial banking business, which backs auto dealers through inventory financing, is unrelated to the upcoming shutdown.
The end of the dealer agreement took effect Sept. 15, with the bank still planning to fund contracts approved before that date.
Wir haben diese Nachrichten zusammengefasst, damit Sie sie schnell lesen können. Wenn Sie sich für die Nachrichten interessieren, können Sie den vollständigen Text hier lesen. Weiterlesen:
Switzerland Neuesten Nachrichten, Switzerland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
BMO to shutter retail auto finance business as bad debt mountsMONTREAL — BMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt.
Herkunft: SooToday - 🏆 8. / 85 Weiterlesen »
BMO to shutter retail auto finance business as bad debt mountsMONTREAL — 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. It comes after the company's bad debt provisions more than tripled to $492 million in the quarter ended July 31 compared to a year earlier. In its retail line, the bank's provisions for credit losses rose 800 per cent to $81 million last quarte
Herkunft: YahooFinanceCA - 🏆 47. / 63 Weiterlesen »
BMO to shutter retail auto finance business as bad debt mountsBMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt.
Herkunft: CTVNews - 🏆 1. / 99 Weiterlesen »
BMO to shutter retail auto finance business as bad debt mountsBMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt.
Herkunft: calgarysun - 🏆 63. / 52 Weiterlesen »
BMO to shutter retail auto finance business as bad debt mountsBMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt.
Herkunft: TheTorontoSun - 🏆 23. / 68 Weiterlesen »
BMO to shutter retail auto finance business as bad debt mountsBMO Financial Group plans to close its retail auto finance business in order to reroute resources, as borrowers dig deep to stay on top of recent interest rate hikes.
Herkunft: BNNBloomberg - 🏆 83. / 50 Weiterlesen »