- BMO Capital Markets, the Bank of Montreal's ( NYSE: BMO ) capital-markets business, is making a series of job cuts as the unit gets stung from worsening market conditions, people with knowledge on the matter told Bloomberg Thursday.
- The layoffs, of which a specific figure was not disclosed, accounts for a small portion of the company's workforce, Bloomberg reported, citing one of the people.
- The move comes as BMO's ( BMO ) fiscal Q3 earnings were hurt by a rocky capital market environment amid a decline in debt and equity issuances across the industry. For BMO Capital Markets, in particular, Q3 adjusted net income dropped 41.3% to C$266M ($201.1M) from Q2, and -52.4% from a year before.
- BMO Capital Markets did not immediately respond to a request for comment by Seeking Alpha.
- Earlier this week, (Sep. 12) The New York Times reported that Goldman Sachs was set to lay off workers as deal activity cools .
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BMO Capital Markets reportedly cuts staff in wake of weakness in division