BMO Capital Markets Cuts Jobs As Business Slumps Bank of Montreal’s (BMO) capital-markets unit is laying off staff as its business slumps amid weakening financial market conditions. The bank hasn’t said how many employees are impacted by the latest round of cuts but did say the headcount reduction represents a small percentage of its total workforce. Banks in the U.S. and Canada have been cutting staff in recent months as stock markets around the world continue to trend lower. U.S. investment bank Goldman Sachs (GS) recently announced that it plans to eliminate several hundred positions, marking its biggest round of job cuts since the start of the global pandemic. Bank of Montreal reported that revenue at its capital markets division fell 20% from a year earlier in its most recent quarter. The job cuts are a reversal from a year ago, when the job market for investment bankers in Canada was hot and banks increased their bonuses to attract talent. Bank of Montreal’s stock is down 9% this year and trading at $127.85 per share.