Bank of Montreal Cuts 4% of Workforce in Shift to Mobile

The transcript discusses a bank's restructuring efforts, including a 4% workforce reduction to adapt to digital banking trends. It covers the bank's earnings, highlighting higher-than-expected soured loans but better-than-expected energy loan performance. The Canadian consumer is deemed sound, with credit losses falling. Upcoming reports from CIBC, TD Bank, and Royal Bank of Canada are expected to show similar trends, with TD benefiting from US exposure.

What percentage of the workforce is the bank planning to cut as part of its restructuring?

• 8%

• 6%

• 2%

• 4%

What is the main reason for the bank's workforce reduction?

• Decrease in profits

• Shift towards digital banking

• Increase in physical branches

• Regulatory requirements

Which type of loans were better than expected in the bank's earnings report?

• Mortgage loans

• Energy loans

• Student loans

• Auto loans

What trend was observed in the provisions for credit losses in Canadian personal commercial banking?

• They increased significantly

• They remained the same

• They fell from a year ago

• They doubled

Which bank is expected to benefit from its US exposure in the upcoming earnings reports?

• CIBC

• Toronto Dominion Bank

• Royal Bank of Canada

• Bank of Montreal