Skip to main content

Streetwise Streetwise newsletter: Job cuts at BMO Capital Markets

Here are the top reads on deals and financial services over the last 24 hours,

Bank of Montreal cuts about 100 jobs across its capital markets division: Bank of Montreal is trimming the ranks of its capital markets arm, eliminating approximately 100 jobs as the bank continues to hunt for ways to control its costs. The job cuts were announced internally over the course of a few days this week, according to sources familiar with the matter who were not authorized to discuss the changes. They span a range of divisions and seniority levels in Canada and the U.S., as well as other countries where BMO does business. Story (James Bradshaw and Andrew Willis, for subscribers)

Story continues below advertisement

Recession worries, spike in risky borrowing threaten Canadian financial system: The rising probability of a recession and a spike in riskier borrowing by Canadian companies are among the emerging threats buffeting the country’s financial system, the Bank of Canada says. Story (Barrie McKenna, for subscribers)

Air Canada in exclusive talks to buy Transat in $520-million deal: Air Canada says it has entered exclusive talks to buy Montreal-based airline and tour operator Transat A.T. Inc for $13 a share in a transaction worth $520-million. Air Canada, the country’s largest airline, said on Thursday morning the deal offers a “made-in-Quebec” path to better job security for employees of both companies and will provide travellers a greater array of routes and holiday packages. Story (Eric Atkins and Nicolas Van Praet)

Travellers worried about higher ticket prices if Transat-Air Canada merge: Transat A.T.’s decision to enter into exclusive talks to be taken over by Air Canada is raising worries that travellers will pay higher ticket prices if the rivals merge. A Montreal deal-maker mounting a competing effort to buy Transat says an Air Canada takeover would be the "worst scenario.” Story (Nicolas Van Praet, for subscribers)

Rob Djurfeldt leaves ScotiaMcLeod: The head of ScotiaMcLeod is no longer with the firm, according to sources familiar with the matter. Story (Clare O’Hara, for subscribers)

Vancouver software firm PDFTron raises $71-million to fund growth: A Vancouver software company that has quietly emerged as one of Adobe Systems’ top rivals in the digital document creation business has raised US$71-million from Boston private equity firm Silversmith Capital Markets to fund its growth. PDFTron Systems Inc., with just 46 employees and between US$10-million and US$20-million in annual revenues, is little-known even in its home town. Story (Sean Silcoff, for subscribers)

Canada is about to get its first e-sports ETF: Video game enthusiasts looking to take their investments to the next level may soon be able to with Canada’s first global e-sports exchange-traded fund. Evolve Funds Group Inc. filed a preliminary prospectus Thursday for the Evolve E-Gaming Index ETF. Story (Clare O’Hara)

MORE FINANCIAL SERVICES NEWS

Story continues below advertisement

EU issues $1.2-billion in fines to five banks for rigging foreign-exchange market: Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros ($1.2 billion) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market. Story (Reuters)

MORE DEALS NEWS

Supreme Cannabis acquires Blissco in $48-million all-stock deal: The Supreme Cannabis Co. Inc. has signed a deal to acquire Blissco Cannabis Corp. in an all-stock deal it valued at $48-million. Story (Canadian Press, for subscribers)

The Streetwise newsletter is Tuesday to Saturday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.

Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter