Canadian lender BMO to wind down retail auto finance business
Business & Finance
17 September 2023, 6:08 pm 1 minute
Reuters was ahead in reporting that Bank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a move that will result unspecified number of job losses, Canada’s third largest bank.
Market Impact
The move, applicable in Canada and the United States, comes after BMO’s bad debt provisions in retail trade surged to C$81 million ($60 million) in the quarter ended July 31 compared with a recovery of C$9 million a year ago, in a sign of growing stress consumers face from a rapid rise in borrowing costs.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & FinanceFinancial Services
Regions: AmericasNorth America
Countries: Canada
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story