05:39:46 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Montreal
Symbol BMO
Shares Issued 644,255,593
Close 2015-05-27 C$ 77.90
Market Cap C$ 50,187,510,695
Recent Sedar Documents

Globe says restructuring charge weighs on BMO's Q2

2015-05-28 07:55 ET - In the News

The Globe and Mail reports in its Thursday edition Bank of Montreal is making efforts to streamline its operations as customers migrate toward on-line transactions. The Globe's David Berman writes those efforts have left BMO with a hefty restructuring charge in its second quarter results. The bank trimmed its head count during the quarter, including jobs in its capital markets arm. These job losses contributed to a restructuring charge of $106-million, enough to lower BMO's earnings by 7 per cent. The bank reported earnings of $1-billion, or $1.49 a share. It boosted its quarterly dividend to 82 cents a share, up two cents, continuing a recent pattern of raising the payout every six months. After accounting for the restructuring charge, BMO's adjusted earnings rose 5 per cent, to $1.71 per share, beating analysts' estimates. "Overall, we view the quarter positively," said RBC analyst Darko Mihelic in a note. "The only negative is BMO's inability to produce positive operating leverage in Canada, punctuated by a restructuring charge." The collapse in the price of crude oil hung over the banks earlier this year, but the impact remains hard to see in BMO's estimate of bad loans.

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