BMO Capital Markets Cuts Jobs As Business Slumps

Bank of Montreal’s (BMO) capital-markets unit is laying off staff as its business slumps amid
weakening financial market conditions.

The bank hasn’t said how many employees are impacted by the latest round of cuts but did say
the headcount reduction represents a small percentage of its total workforce.

Banks in the U.S. and Canada have been cutting staff in recent months as stock markets
around the world continue to trend lower.

U.S. investment bank Goldman Sachs (GS) recently announced that it plans to eliminate
several hundred positions, marking its biggest round of job cuts since the start of the global
pandemic.

Bank of Montreal reported that revenue at its capital markets division fell 20% from a year
earlier in its most recent quarter.

The job cuts are a reversal from a year ago, when the job market for investment bankers in
Canada was hot and banks increased their bonuses to attract talent.

Bank of Montreal’s stock is down 9% this year and trading at $127.85 per share.