Bank of Montreal is cutting 60 jobs in its capital markets business.
The cuts are said to be in slow areas across the business, which employs about 2,300 people in total. A BMO spokesman confirmed that there are reductions, but declined to confirm the exact number.
"We continue to build our North American platform with a unified approach to client coverage while ensuring staffing levels are commensurate with the capital markets environment," BMO said in a statement. "The reductions are part of our focus on productivity and we would expect to continue to be hiring over the course of the year as we grow our businesses."
The story was first reported by Dow Jones Newswires.