Bank of Montreal

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.

Bank of Montreal picked Amazon.com’s web-services division as its preferred cloud provider to help the bank modernize operations and introduce new digital applications.

Bank of Montreal’s fiscal second-quarter earnings beat estimates as the waning COVID-19 crisis allowed the lender to set aside less for souring loans and gave a lift to the company’s personal and commercial banking businesses.

Bank of Montreal agreed to sell its Europe, Middle East and Africa asset management unit to Ameriprise Financial for 615 million pounds ($847 million), marking CEO Darryl White’s biggest move yet to trim the bank’s portfolio of noncore businesses.

Canada’s fourth-largest bank is pressing ahead with big technology investments to cut costs and try to generate more revenue from existing customers, said Erminia Johannson, BMO’s head of personal and business banking for the U.S. and Canada.

Fifth Third Bancorp promoted Chief Risk Officer Jamie Leonard to succeed Tayfun Tuzun, who will become chief financial officer of BMO Financial Group on Jan. 1. Both companies made other executive moves at the same time.

With businesses requiring stronger liquidity, BMO will use its online platform and Interac's receivables service to support simultaneous near real-time payment requests to multiple recipients.

Bank of Montreal's top executive says it's a "myth" that his company's commercial lending business is taking big risks and argues the bank will come through the recession with fewer loan losses than rivals.

A sneak peek of a new podcast launching on American Banker later this summer as part of our Leaders Forum, where senior voices and innovators will share their leadership experiences and perspectives on business-critical topics. Arizent CEO Gemma Postlethwaite talks with Ernie Johannson, BMO’s Group Head of North American Personal and Business Banking, about leadership during the Covid-19 crisis, organizational agility and lessons in discernment.

Royal Bank of Canada and Bank of Montreal joined their Canadian peers in setting aside record provisions for loan losses as they brace for the economic fallout from the coronavirus pandemic.