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 quarter from $9 million the year before.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYExclusive articles by Kevin Carmichael, Victoria Wells, Jake Edmiston, Gabriel Friedman and others.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
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Canada's BMO to close indirect retail auto finance business, flags job lossesBy Nivedita Balu TORONTO (Reuters) -Bank of Montreal (BMO) is winding down its indirect retail auto finance business and shifting focus to other areas in a ...
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BMO to close retail auto finance business as borrowers' bad debt mountsBMO plans to close its retail auto finance business in order to reroute resources, as borrowers dig deep amid interest rate hikes. Read on.
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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 ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
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
Source: YahooFinanceCA - 🏆 47. / 63 Read more »