BMO Harris Bank spokesman Patrick O’Herlihy declined to say how many local employees would lose their jobs or what types of positions they hold.
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Overall, the bank’s profit dropped three per cent with net income at $973 million – a fall from $999 million during the same period past year.
This content appears as provided to The Globe by the originating wire service.
The Bank of Montreal was the first Canadian bank to report its second quarter earnings, with RBC, TD Bank and CIBC to follow later today and Scotiabank to reveal its earnings next week.
May 25 Bank of Montreal on Wednesday reported a slightly lower-than-expected quarterly profit and set aside more funds to cover losses on bad loans.
Restructuring charges have emerged as a common theme among Canada’s biggest banks in recent quarters.
“The banks are responding to a very hard loan growth and revenue growth environment by getting a lot more aggressive with expenses, ” said Edward Jones analyst Jim Shanahan.
In terms of earnings per share, 14 analysts have a 1.74 EPS mean target for the quarter ending Apr-16, for the quarter ending Jul-16, 12 analysts have a 1.81 EPS mean target and for the quarter ending Jul-16 there are 13 estimates of 7.09 EPS.
BMO shares were up 1.4 per cent at $84.43 in Toronto by midday.
Excluding that charge, its earnings were $1.73 a share.
That includes a $79 million write-down of an equity investment.
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BMO also announced its quarterly dividend will go up by two cents to 86 cents per share, effective August 26, 2016.
