Bank of Montreal to cut 4 percent of workforce -memo to staff

Wed May 25, 2016 10:35am EDT
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By Matt Scuffham and Marcy Nicholson

TORONTO/NEW YORK May 25 (Reuters) - Bank of Montreal , Canada's fourth biggest bank, will cut 4 percent of its total workforce as part of cost cutting measures, according to a memo to staff by Chief Executive Bill Downe seen by Reuters on Wednesday.

Earlier on Wednesday, the bank said bad loans to oil and gas companies more than doubled in the latest quarter, and it set aside more funds to cover losses. (Reporting by Matt Scuffham; Editing by Chizu Nomiyama)