The Globe and Mail reports in its Wednesday edition that Scotiabank and BMO unveiled their first-quarter financial results Tuesday showing mixed results. The Globe's Stefanie Marotta writes that adjusted to exclude some items, Scotiabank earned $1.69 a share, beating the $1.61 analysts expected. BMO earned $2.56 a share, missing analyst estimates of $3.02 on an adjusted basis as capital markets slumped. Global markets revenue dropped on lower trading revenue, which was weighed down by Ottawa's proposal to eliminate the tax deductibility of some dividends. Both lenders are undergoing strategic changes. In December, Scotiabank launched a turnaround plan aimed at building its deposit base to reduce its financing costs and target businesses in Latin America and North America where it believes it can boost growth. In the fall, BMO completed its integration of Bank of the West. BMO closed the deal in February, about one month before the failure of Silicon Valley Bank spurred a regional banking crisis. The bank reached its target of $800-million in deal-related cost synergies, but BMO posted its fifth consecutive quarter of negative adjusted operating leverage -- that is, expenses outpacing revenue -- at 5.4 per cent.