News Formal

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

  • 📰 SooToday
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 85%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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.

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:

 /  🏆 8. in NG
 

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

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What are experts saying about earnings from BMO and Scotiabank?The Bank of Montreal and the Bank of Nova Scotia have put aside more money in case their customers have trouble paying back their back loans in the months ahead.
Source: BNNBloomberg - 🏆 83. / 50 Read more »