"As we look ahead, we're all aware of the macro headwinds facing the industry," said chief executive Darryl White on an analyst call Tuesday.
Costs related to layoffs totalled $223 million pre-tax in the quarter, though the bank did not disclose the number of employees let go. BMO also recorded $83 million in legal provisions this past quarter related to settlements with U.S. regulators. The penalties stemmed from record-keeping violations after employees used personal texts and WhatsApp to communicate with clients.
Analysts on average had expected an adjusted profit of $3.13 per share, based on estimates compiled by financial markets data firm Refinitiv.
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