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Live news: BMO closing retail auto finance business as borrowers' bad debt mountsThe Financial Post brings you the top business stories as they happen for September 18, 2023. Read on for breaking news you need to know.
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Canadian lender BMO to wind down retail auto finance businessBank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a move that will result unspecified number of job losses, Canada's third largest bank said on Saturday. The move, applicable in Canada and the United States, comes after BMO's bad debt provisions in retail trade surged to C$81 million ($60 million) in the quarter ended July 31 compared with a recovery of C$9 million a year ago, in a sign of growing stress consumers face from a rapid rise in borrowing costs. 'By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest,' BMO said in a statement to Reuters.
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Canadian lender BMO to wind down retail auto finance businessBy Nivedita Balu TORONTO (Reuters) - Bank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a ...
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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.
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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
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