Bank of Montreal

The Toronto-based bank set aside CA$1.5 billion in its fiscal fourth quarter to cover potentially bad loans. Executives say higher-than-normal impaired losses could persist next year.

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When BMO acquired Bank of the West, BMO's integration team was tasked with completing more than 1,500 requirements to unify hundreds of systems, including products, services, technology and processes.

 Johannson led the successful integration of one of the largest U.S. banking acquisitions last year with the acquisition of Bank of the West.

In a new lawsuit, a former BMO employee says he was fired because he reported his concern that the bank was intentionally charging too much to clients who used a foreign-exchange product. BMO denies the allegations.

The Canadian bank said it expects to recover hundreds of millions of dollars after a three-judge appeals panel found that it cannot be held liable in connection with a multibillion-dollar fraud. The ruling echoed a different appeals court's decision stemming from the collapse of Bernard Madoff's Ponzi scheme.

The Toronto-based company's U.S. banking segment continues to face headwinds from muted loan growth and higher deposit pricing. Net income for the division tumbled by more than 25% last quarter.

The change came to light Monday after West Virginia Treasurer Riley Moore took a victory lap in an announcement of the financial firms it was adding to its boycott list, which doesn't include BMO.

Analysts estimate the probe, which remains unresolved, could lead to a fine of between $500 million and $1 billion, and Toronto-Dominion has already said it is spending hundreds of millions of dollars to improve its risk and control infrastructure. 

The Toronto-based company wrung out $800 million USD in cost savings in connection with last year's acquisition of Bank of the West, a bright spot in an otherwise tough quarter across most business segments.