BMO Cuts 1,100 Jobs After Q2 Profit Sags

TORONTO (AP) — Bank of Montreal is eliminating 1,100 jobs after a 44 percent drop in second-quarter net income to 358 million Canadian dollars ($320 million).

The financial results reported Tuesday also cited CA$118 million ($105 million) in job-cutting costs and swelling loan-loss provisions in the United States.

The bank said the job cuts will occur across the company through this year. Cuts are expected to hit about three percent of the bank's 36,900-member workforce, primarily in managerial positions.