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Canadian lender BMO to wind down retail auto finance business

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Bank 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.

As economic indicators shift, even seasoned investors like Warren Buffett are adjusting their outlook. In a recent announcement, the famed investor known as the "Oracle of Omaha" voiced his concerns...TORONTO -Canadian home sales fell in August, the first full month of data since the Bank of Canada's latest interest rate hike, while new listings continued to rebound, data from the Canadian Real Estate Association showed on Friday.

"August was the first full month of housing data following the Bank of Canada's July rate hike, so a dip in activity was expected," said Shaun Cathcart, CREA's senior economist. -- Mohamed El-Erian is warning that a swath of corporations will be hurt by higher interest rates when they have to refinance next year.

 

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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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