TORONTO (Reuters) - Bank of Montreal BMO.TO has cut 60 jobs at its capital markets division, and Canada’s No. 4 bank said staff reductions are due to concerns about productivity in the current capital markets environment.
“The reductions are part of our focus on productivity and we would expect to continue to be hiring over the course of the year as we grow our businesses,” said bank spokesman Paul Deegan, who would not confirm the number of jobs cut.
Canada’s banks have vowed to control costs as they deal with expectations of slowing consumer loan growth and narrow interest margins.
BMO will kick off the first-quarter results reporting season for Canadian banks on Tuesday. BMO’s fourth-quarter results to missed analysts’ forecasts due to a weak performance in its capital markets business.
BMO shares were up 9 Canadian cents at C$58.27 on the Toronto Stock Exchange on Friday afternoon.
The bank’s capital markets division employs around 2,300 people.
Reporting By Cameron French; editing by Peter Galloway