BMO Capital Markets cuts about 100 jobs with deals drying up
BNN Bloomberg
Bank of Montreal’s capital markets unit is cutting about 100 positions, about 3.5 per cent of the division’s staff, in response to a weak environment for deals.
About half of the jobs lost at BMO Capital Markets are roles in Canada, according to a person familiar with the matter, speaking on condition they not be identified. Executives were meeting with some staff to outline the details early Wednesday afternoon.
“We are focused on managing expenses dynamically, growing revenue and improving our relative efficiency ratio,” Kelly Hechler, a spokesperson for the bank, said by email. “We are working closely with affected employees to provide support and to ensure they are treated with fairness and respect.”
Globally, deal values have fallen more than 40 per cent this year to $1.2 trillion, according to data compiled by Bloomberg. Canadian companies have announced only a handful of mergers or acquisitions worth $1 billion or more in 2023.
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