Bank Of Montreal Reports Solid Forex Trading Revenues For Q3

BANKS

The Bank of Montreal (BMo) reports solid earnings in the first full quarter since the bank merged its foreign exchange operations with that of its U.S. subsidiary, Harris Bank. In terms of FX customer penetration, BMo claims the combined bank ranks fifth in the U.S. and first in Chicago due to the merger, whereas previously, the FX operations of Harris ranked 16th in the U.S. and BMo was 19th.

For the three months ended July 31, BMo reports C$42 million in FX trading income, flat compared to

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