By Ketki Saxena
investing.com -- The capital markets division of the Bank of Montreal (TSX:BMO) is reportedly reducing its workforce by approximately 100 positions, constituting about 3.5 per cent of total staff in the divison. This move comes as a response to an unfavorable climate for deals.
Around half of the employment cuts at BMO Capital Markets are roles based within Canada, as per an anonymous source.
"Our primary focus remains on dynamically managing our expenses while simultaneously striving for revenue growth and enhancing our relative efficiency ratio," expressed Kelly Hechler, a spokesperson representing the bank, in an email cited by BNN Bloomberg.
In addition to these measures, Hechler emphasized that "We are committed to working closely with those employees affected by this development. Our aim is to provide them with support throughout this transition period and ensure they are treated with fairness and respect."