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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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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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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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 exiting retail auto finance businessThe Bank of Montreal is exiting the retail auto finance business, as it looks to redeploy resources to areas where its “competitive positioning is strongest.”
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Bank of Montreal to close retail auto finance business, flags job lossesBy Nivedita Balu TORONTO (Reuters) -Bank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a move ...
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