All articles tagged with #bank of montreal
Originally Published 3 months ago — by Yahoo Finance
Bank of Montreal is considering selling some of its U.S. branches with about $6 billion in deposits, particularly in states like Wyoming and the Dakotas, as part of its strategic adjustments following its 2023 acquisition of BNP Paribas' U.S. unit. The plans are not final and may not lead to a sale.
Originally Published 2 years ago — by Reuters
Bank of Montreal (BMO) has announced the closure of its retail auto finance business in Canada and the United States, resulting in job losses. The move comes as BMO's bad debt provisions in retail trade increased significantly, indicating growing stress on consumers due to rising borrowing costs. The bank plans to focus its resources on areas where it believes its competitive positioning is strongest. BMO has been expanding in the United States to find new avenues of growth, as the Canadian market remains saturated.
Originally Published 2 years ago — by The Daily Hodl
A victim of a banking scam in Toronto claims that the Bank of Montreal (BMO) is charging him interest on a line of credit that was fraudulently taken out by a con artist. After receiving a call from someone posing as the bank, the victim shared a verification code, leading to multiple unauthorized withdrawals from his account. While BMO reimbursed a small portion of the stolen funds, they are now charging the victim $200 in monthly interest for the remaining debt. The bank claims that the scam is not covered by their fraud services and denies responsibility for the loss.
Originally Published 2 years ago — by Reuters
Bank of Montreal (BMO) and Bank of Nova Scotia (Scotiabank) missed analysts' estimates for quarterly profit as they set aside more funds to cover bad loans. The Bank of Canada's interest rate hikes have slowed the housing market and increased consumer debt, leading to higher provisions for potential loan losses. BMO's earnings were also affected by severance costs and legal provisions, while Scotiabank highlighted the impact of recessionary conditions on its international business. Both banks experienced a decline in income, but Scotiabank showed improvement in its capital position and expense management. The aggressive rate hikes have allowed banks to charge higher rates and boost net interest income.