BMO Capital Markets is cutting jobs after downturn in business
BNN Bloomberg
Bank of Montreal’s capital-markets division is cutting a number of jobs across its businesses and locations in response to weakening market conditions, according to people familiar with the matter.
The cuts account for a small percentage of the firm’s personnel, said one of the people, who didn’t provide a specific figure.
BMO Capital Markets is managing its resources “dynamically,” which “means making difficult choices to optimize its workforce,” spokeswoman Kelly Hechler said in response to a Bloomberg News query. Hechler declined to comment on job losses or individual departures.
Banks are cutting staff amid a drop in debt and equity issuances, along with weakness in some areas of the trading business. Goldman Sachs Group Inc. plans to eliminate several hundred roles starting this month, marking its biggest round of cuts since the start of the pandemic.
