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133-731: The Bank of Montreal (French: Banque de Montréal ), abbreviated as BMO (pronounced / ˈ b iː m oʊ / ), is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal , Quebec , in 1817 as Montreal Bank, making it Canada's oldest bank. In 2023, the company’s seat in Forbes Global 2000 was 84. Its head office is in Montreal and its operational headquarters and executive offices are located in Toronto , Ontario , since 1977. It

266-631: A Vancouver branch of the bank following an identification discrepancy. The Vancouver mayor criticized the bank for what he termed giving false information to the police. The police were afterwards investigated. A human rights claim was later filed in response to the incident. A settlement was eventually reached, which included an undisclosed monetary payment to the victims, an apology ceremony in Bella Bella, territorial acknowledgement plaques installed at certain branches and BMO updating internal policies and procedures for how status cards are handled. After

399-404: A humid continental climate ( Köppen Dfb ), with warm summers and relatively mild winters, which is due to Gulf Stream moderation. The weather is usually milder in the winter or cooler in the summer than areas at similar latitudes inland, with the temperature remaining (with occasional notable exceptions) between about −8 and 28 °C (18 and 82 °F). January is the coldest month, being

532-819: A "full-service" range including securities research , proprietary trading , and investment management . In the 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act , which was repealed in 1999. The repeal led to more " universal banks " offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable full-service investment banks with

665-439: A Bank of Montreal trader pleaded guilty to intentionally mismarking his trading book in order to increase his bonus from the bank. In 2009, BMO purchased AIG 's Canadian life insurance business, AIG Life Insurance Company of Canada (400,000 customers and 300 employees), for approximately CA$ 330 million, making BMO the second-biggest life insurer among Canadian banks. The new component was renamed BMO Life Assurance Company. In

798-611: A federal agency insuring deposits at all of Canada's chartered banks. It is also a member of: BMO Bank (BMO's US operations) is a member of the Federal Reserve System and a registered member of the Federal Deposit Insurance Corporation . It is also a member of: Investment banking Unlike commercial banks and retail banks , investment banks do not take deposits . The revenue model of an investment bank comes mostly from

931-550: A group of merchants signed the Articles of Association, formally creating the "Montreal Bank". The signors of the document include Robert Armour , John C. Bush, Austin Cuvillier , George Garden , Horatio Gates , James Leslie , George Moffatt , John Richardson , and Thomas A. Turner. The bank was first located in rooms rented on Rue Saint-Paul , Montreal , before moving to its permanent building on Rue Saint-Paul in 1818. In

1064-566: A hub of European M&A activity, often facilitating the most capital movement and corporate restructuring in the area. Meanwhile, Asian cities are receiving a growing share of M&A activity. According to estimates published by the International Financial Services London , for the decade prior to the financial crisis in 2008, M&A was a primary source of investment banking revenue, often accounting for 40% of such revenue, but dropped during and after

1197-720: A key part of capital market transactions, involving debt structuring , exit financing, loan amendment, project finance , leveraged buy-outs , and sometimes portfolio hedging. The "Market Risk Team" provides services to investors via derivative solutions, portfolio management , portfolio consulting, and risk advisory. Well-known "Risk Groups" are at JPMorgan Chase , Morgan Stanley , Goldman Sachs and Barclays . J.P. Morgan IB Risk works with investment banking to execute transactions and advise investors, although its Finance & Operation risk groups focus on middle office functions involving internal, non-revenue generating, operational risk controls. The credit default swap , for instance,

1330-456: A key service in terms of advisory and strategy. While the research division may or may not generate revenue (based on the specific compliance policies at different banks), its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. Research also serves outside clients with investment advice (such as institutional investors and high-net-worth individuals) in

1463-697: A license to operate in China. During the 1990s, BMO acquired a number of other banks in the Chicago area , merging them under the Harris Bank name, including Suburban Bancorp in 1994; and Household Bank in 1999. In 1998, the Bank of Montreal and the Royal Bank of Canada announced they had agreed to a merger pending approval from the government. Government regulators later blocked the proposed merger, along with

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1596-441: A number of radio and television programs are made in the region for national broadcast. In 2020, filming began on the series Pub Crawl, which explores the historically significant bars of Halifax. The new Halifax Central Library on Spring Garden Road has received accolades for its architecture and has been described as a new cultural locus, offering many community facilities including a 300-seat auditorium. Halifax's urban core

1729-698: A one-year sponsorship of IndyCar team Newman/Haas/Lanigan Racing to appear on the No. 06 car of Graham Rahal in the first-ever IRL -sanctioned Canadian IndyCar race at Edmonton . Since 1997, Bank of Montreal has been a major sponsor of Skate Canada , and is the title sponsor of the BMO Financial Group Canadian Championships , BMO Financial Group Skate Canada Junior Nationals, BMO Financial Group Skate Canada Challenges, BMO Financial Group Skate Canada Sectionals, and BMO Financial Group Skate Canada Synchronized Championships. It

1862-1046: A percentage of revenue. As far back as 1960, 70% of Merrill Lynch 's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a relatively "retail-focused" firm with a large brokerage network. Investment banking is split into front office , middle office , and back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side advisory firms such as boutique investment banks and small broker-dealers focus on niche segments within investment banking and sales/trading/research, respectively. For example, Evercore (NYSE:EVR) acquired ISI International Strategy & Investment (ISI) in 2014 to expand their revenue into research-driven equity sales and trading. Investment banks offer services to both corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on

1995-516: A result of selling complex derivatives contracts to local municipalities in Europe and the US. Strategists advise external as well as internal clients on the strategies that can be adopted in various markets. Ranging from derivatives to specific industries, strategists place companies and industries in a quantitative framework with full consideration of the macroeconomic scene. This strategy often affects

2128-416: A scenic wilderness in close proximity to the urban communities. Halifax's tourism industry showcases Nova Scotia's culture, scenery and coastline. There are several museums and art galleries in downtown Halifax. The Canadian Museum of Immigration at Pier 21 , an immigrant entry point prominent throughout the 1930s, 1940s, and 1950s, was opened to the public as a National Historic Site of Canada in 1999 and

2261-606: A significant investment banking division (IBD) include JPMorgan Chase , Bank of America , Citigroup , Deutsche Bank , UBS (Acquired Credit Suisse ), and Barclays . After the financial crisis of 2007–08 and the subsequent passage of the Dodd-Frank Act of 2010 , regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading. The traditional service of underwriting security issues has declined as

2394-691: A similar proposal by the Toronto-Dominion Bank to merge with the Canadian Imperial Bank of Commerce . Although the banks did not merge, in 2000, the Bank of Montreal, together with the Royal Bank of Canada, merged their merchant payment processor businesses to form Moneris Solutions . In 2006, BMO bought BCPBank, a Schedule C financial institution that was the Canadian division of Banco Comercial Português . In 2008,

2527-650: A slogan introduced in 1969. The bank is a founder and major sponsor of the Siminovitch Prize in Theatre , an annual award of $ 100,000 granted to a Canadian director, playwright, or designer. The bank has been a sponsor of the Toronto FC of Major League Soccer since 2007 and of its home stadium named BMO Field at Exhibition Place . In 2010, BMO extended its agreement with the Toronto FC through

2660-663: A sloop of war on June 21, 1749. By unilaterally establishing Halifax, the British were violating earlier treaties with the Mi'kmaq (1726), which were signed after Father Rale's War . Cornwallis brought along 1,176 settlers and their families. To guard against Mi'kmaq, Acadian and French attacks on the new Protestant settlements, British fortifications were erected in Halifax (Citadel Hill) (1749), Bedford ( Fort Sackville ) (1749), Dartmouth (1750), and Lawrencetown (1754), all areas within

2793-636: A small group of people into a public company owned by 144. At this time, it became officially known by its current name. Expansion into Upper Canada was halted in 1824, after legislation from the Parliament of Upper Canada forbade bank branches whose head offices were not based in Upper Canada from operating. In 1838, the bank reentered the Upper Canadian market with the purchase of the Bank of

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2926-503: A third from 2009, as companies pursued less deals and traded less. Differences in total revenue are likely due to different ways of classifying investment banking revenue, such as subtracting proprietary trading revenue. In terms of total revenue, SEC filings of the major independent investment banks in the United States show that investment banking (defined as M&A advisory services and security underwriting) made up only about 15–20% of total revenue for these banks from 1996 to 2006, with

3059-456: A three-storey structure for the Bank of Montreal on Saint Jacques Street in Montreal. The building was modelled after a Georgian townhouse with a small portico of Corinthian columns supporting a classical pediment and remains the bank's legal headquarters. Buildings that formerly housed a branch of the bank have also seen later notable use. A branch in Montreal has been designated as a National Historic Site of Canada in 1990. The building

3192-1318: A trader after he buys or sells a product to a client and does not hedge his total exposure. Here, and in general, banks seek to maximize profitability for a given amount of risk on their balance sheet. Note here that the FRTB framework has underscored the distinction between the " Trading book " and the " Banking book " - i.e. assets intended for active trading, as opposed to assets expected to be held to maturity - and market risk capital requirements will differ accordingly. The necessity for numerical ability in sales and trading has created jobs for physics , computer science , mathematics , and engineering PhDs who act as "front office" quantitative analysts . The securities research division reviews companies and writes reports about their prospects, often with "buy", "hold", or "sell" ratings. Investment banks typically have sell-side analysts which cover various industries. Their sponsored funds or proprietary trading offices will also have buy-side research. Research also covers credit risk , fixed income , macroeconomics , and quantitative analysis , all of which are used internally and externally to advise clients; alongside "Equity", these may be separate "groups". The research group(s) typically provide

3325-726: A wide array of world cuisines. There are also more than 60 sidewalk cafes that open in the summer months. The nightlife is made up of bars and small music venues as well as Casino Nova Scotia , a large facility built partially over the water. Cruise ships visit the province frequently. In 2015, the Port of Halifax welcomed 141 vessel calls with 222,309 passengers. Halifax is the Atlantic region's central point for radio broadcast and press media. CBC Television , CTV Television Network (CTV), and Global Television Network and other broadcasters all have important regional television concentrators in

3458-688: Is Kjipuktuk , pronounced "che-book-took". The name means "Great Harbour" in the Mi'kmaq language . The first permanent European settlement in the region was on the Halifax Peninsula . The establishment of the Town of Halifax , named after the 2nd Earl of Halifax , in 1749 led to the colonial capital being transferred from Annapolis Royal . The establishment of Halifax marked the beginning of Father Le Loutre's War . The war began when Edward Cornwallis arrived to establish Halifax with 13 transports and

3591-498: Is a commodity business, but structuring and trading derivatives have higher margins because each over-the-counter contract has to be uniquely structured and could involve complex pay-off and risk profiles. One growth area is private investment in public equity (PIPEs, otherwise known as Regulation D or Regulation S). Such transactions are privately negotiated between companies and accredited investors . Banks also earned revenue by securitizing debt, particularly mortgage debt prior to

3724-685: Is a famous credit risk hedging solution for clients invented by J.P. Morgan's Blythe Masters during the 1990s. The Loan Risk Solutions group within Barclays' investment banking division and Risk Management and Financing group housed in Goldman Sach's securities division are client-driven franchises. Risk management groups such as credit risk, operational risk, internal risk control, and legal risk are restrained to internal business functions — including firm balance-sheet risk analysis and assigning

3857-476: Is a major cultural centre within the Atlantic provinces . The municipality has maintained many of its maritime and military traditions, while opening itself to a growing multicultural population. The municipality's urban core also benefits from a large population of post-secondary students who strongly influence the local cultural scene. Halifax has a number of art galleries, theatres and museums, as well as most of

3990-433: Is a popular site for concerts, political demonstrations, as well as the annual Remembrance Day ceremony at the central cenotaph . Another popular downtown public space is the timber Halifax Boardwalk , which stretches approximately 3 km (1.9 mi) and is integrated with several squares and monuments. The Halifax Common , granted for the use of citizens in 1763, is Canada's oldest public park. Centrally located on

4123-770: Is also the presenting sponsor of the CanSkate Learn-to-Skate Program. In 2005, BMO Bank of Montreal became the title sponsor for the annual May marathon race staged by the Vancouver International Marathon Society. The current name is "BMO Bank of Montreal Vancouver Marathon ". BMO is a member of the Canadian Bankers Association and registered member with the Canada Deposit Insurance Corporation ,

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4256-680: Is an economic centre of Atlantic Canada, home to a concentration of government offices and private companies. Major employers include the Department of National Defence , Dalhousie University , Nova Scotia Health Authority , Saint Mary's University , the Halifax Shipyard , various levels of government, and the Port of Halifax . Resource industries found in rural areas of the municipality include agriculture, fishing, mining, forestry, and natural gas extraction. The Mi'kmaq name for Halifax

4389-578: Is buying and selling products. Sales is the term for the investment bank's sales force, whose primary job is to call on institutional and high-net-worth investors to suggest trading ideas (on a caveat emptor basis) and take orders. Sales desks then communicate their clients' orders to the appropriate trading rooms , which can price and execute trades, or structure new products that fit a specific need. Sales make deals tailored to their corporate customers' needs, that is, their terms are often specific. Focusing on their customer relationship, they may deal on

4522-632: Is commonly known by its ticker symbol BMO on both the Toronto Stock Exchange and the New York Stock Exchange . In April 2024, it had CA$ 1.37 trillion in total assets. The Bank of Montreal swift code is BOFMCAM2 and the institution number is 001. In Canada, BMO has more than 900 branches and more than 1000 in the United States, serving over 13 million customers globally. In the United States, BMO does business as BMO Financial Group, where it has substantial operations in

4655-642: Is heavy in winter, but snow cover is usually patchy owing to the frequent freeze-thaw cycles, which melt accumulated snow. Some winters feature colder temperatures and fewer freeze-thaw cycles; the most recent of which being the winter of 2014–2015, which was the coldest, snowiest and stormiest in about a century. Spring is often wet and cool and arrives much later than in areas of Canada at similar latitudes, due to cooler sea temperatures. Summers are mild and pleasant, with hot and humid conditions very infrequent. Warm, pleasant conditions often extend well into September, sometimes into mid-October. Average monthly precipitation

4788-550: Is highest from November to February due to intense late-fall to winter storms migrating from the Northeastern U.S., and lowest in summer, with August being the year's warmest and driest month on average. Halifax can sometimes receive hurricanes, mostly between August and October. An example is when Hurricane Juan , a category 2 storm, hit in September 2003 and caused considerable damage to the region. Hurricane Earl grazed

4921-497: Is home to a number of regional landmark buildings and retains significant historic buildings and districts. Downtown office towers are overlooked by the fortress of Citadel Hill with its iconic Halifax Town Clock . The architecture of Halifax's South End is renowned for its grand Victorian houses while the West End and North End, Halifax have many blocks of well-preserved wooden residential houses with notable features such as

5054-564: Is housed in a 150-year-old building containing nearly 19,000 works of art. The Black Cultural Centre for Nova Scotia in Dartmouth reflects the region's rich ethnic heritage. Halifax has numerous National Historic Sites , most notably Citadel Hill (Fort George) . Just outside the urban area, the iconic Peggys Cove is internationally recognized and receives more than 600,000 visitors a year. The waterfront in Downtown Halifax

5187-486: Is not a comprehensive summary of all middle-office functions within an investment bank, as specific desks within front and back offices may participate in internal functions. The back office data-checks trades that have been conducted, ensuring that they are not wrong, and transacts the required transfers. Many banks have outsourced operations. It is, however, a critical part of the bank. Every major investment bank has considerable amounts of in-house software , created by

5320-408: Is raised for the corporation include those listed aside. This work may involve, i.a., subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target. A pitch book , also called a confidential information memorandum (CIM), is a document that highlights the relevant financial information, past transaction experience, and background of the deal team to market

5453-616: Is the capital and most populous municipality of the Canadian province of Nova Scotia , and the most populous municipality in Atlantic Canada . As of 2023, it is estimated that the population of the Halifax CMA was 518,711, with 348,634 people in its urban area . The regional municipality consists of four former municipalities that were amalgamated in 1996: Halifax , Dartmouth , Bedford , and Halifax County . Halifax

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5586-646: Is the control function for the Markets' business and conducts review of sales and trading activities utilizing the VaR model . Other Middle office "Risk Groups" include country risk, operational risk, and counterparty risks which may or may not exist on a bank to bank basis. Front office risk teams, on the other hand, engage in revenue-generating activities involving debt structuring, restructuring, syndicated loans , and securitization for clients such as corporates, governments, and hedge funds. Here "Credit Risk Solutions", are

5719-442: Is the only national museum in the Atlantic provinces. The Maritime Museum of the Atlantic is a maritime museum containing extensive galleries including a large exhibit on the famous Titanic , over 70 small craft and a 200-foot (61 m) steamship CSS  Acadia . In summertime the preserved World War II corvette HMCS  Sackville operates as a museum ship and Canada's naval memorial. The Art Gallery of Nova Scotia

5852-546: Is the site of the Halifax Harbourwalk , a 3-kilometre (2 mi) boardwalk popular among tourists and locals alike. Many mid-sized ships dock here at one of the many wharfs. The harbourwalk is home to a Halifax Transit ferry terminal, hundreds of stores, Historic Properties , several office buildings, the Casino Nova Scotia , and several public squares where buskers perform, most prominently at

5985-507: The 2016 Canadian Census and the 2021 Canadian Census . Before the 2021 Canadian Census , Metropolitan Halifax covered 549,631 hectares (5,496.31 square kilometres; 2,122.14 square miles) After the addition of the Municipality of East Hants , the metropolitan area's land area expanded by 177,991 hectares (1,779.91 km ) to its current land area. Halifax has two distinct areas: its rural area and its urban area. Since 1 April 1996,

6118-577: The Canadian Imperial Bank of Commerce ) were the targets of hackers in May 2018, who claimed to have compromised the systems of both banks and stolen information on a combined 90,000 customers (50,000 from BMO). An email sent from a Russian address and attributed to the hackers demanded a ransom of US$ 1 million from each company paid via Ripple by 11:59 pm on 28 May 2018 or the information would be released on "fraud forum [ sic ] and fraud community [ sic ]". In 2018, BMO went into

6251-471: The Chicago area and elsewhere in the country, where it operates BMO Bank, N.A. . BMO Capital Markets is BMO's investment and corporate banking division, while the wealth management division is branded as BMO Nesbitt Burns . On 12 December 2021, the Bank of Montreal announced the strategic acquisition of Bank of the West from BNP Paribas for US$ 16.3 billion. The bank was established on 23 June 1817 when

6384-557: The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 ( Dodd–Frank Act of 2010 ), the Volcker Rule asserts some institutional separation of investment banking services from commercial banking. All investment banking activity is classed as either "sell side" or "buy side". The " sell side " involves trading securities for cash or for other securities (e.g. facilitating transactions, market-making), or

6517-643: The Halifax Explosion , devastated the Richmond District in the North End of Halifax, killing approximately 2,000 people and injuring nearly 9,000 others. The blast was the largest artificial explosion before the development of nuclear weapons. Significant aid came from Boston , strengthening the bond between the two coastal cities . The four municipalities in the Halifax urban area had been coordinating delivery of some services through

6650-608: The Halifax Harbour . This has resulted in some modern high rises being built at unusual angles or locations. The Halifax area has a variety of public spaces, ranging from urban gardens, public squares, expansive forested parks, and historic sites. The original grid plan devised when Halifax was founded in 1749 included a central military parade square, the Grand Parade . The square hosts the City Hall at one end, and

6783-754: The Halifax Pop Explosion , periodic Tall Ship events, the Royal Nova Scotia International Tattoo , and Shakespeare by the Sea—to name a few. Halifax Pride is the largest LGBT event in Atlantic Canada and one of the largest in the country. Many of Halifax's festivals and annual events have become world-renowned over the past several years. Halifax is home to many performance venues, namely the Music Room,

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6916-682: The Halifax Transit ferry service. There are smaller performance venues at the Halifax Central Library , Citadel High School (Spatz Theatre), and Halifax West High School ( Bella Rose Arts Centre ). Halifax has also become a significant film production centre, with many American and Canadian filmmakers using the streetscapes, often to stand in for other cities that are more expensive to work in. The Canadian Broadcasting Corporation has its Atlantic Canada production centres (radio and television) based in Halifax, and quite

7049-627: The Musquodoboit Valley to rocky and heavily forested rolling hills. It includes a number of islands and peninsulas, among them McNabs Island , Beaver Island , Melville Island , Deadman's Island and Sable Island . The Halifax Regional Centre includes the Halifax Peninsula , and Dartmouth inside the Circumferential Highway. The new inner urban area covers 3,300 hectares (33 square kilometres; 13 square miles) and houses 96,619 people in 55,332 dwelling units as of

7182-607: The Neptune Theatre , and Rebecca Cohn Auditorium . The Neptune Theatre, a 43-year-old establishment located on Argyle Street, is Halifax's largest theatre. It performs an assortment of professionally produced plays year-round. The Shakespeare by the Sea theatre company performs at nearby Point Pleasant Park . Eastern Front Theatre performs at Alderney Landing in Downtown Dartmouth which can easily be accessed via

7315-661: The North British Society , as well as a fountain. In contrast to the urban parks, the expansive Point Pleasant Park at the southern tip of the peninsula is heavily forested and contains the remains of numerous British fortifications. Located on the opposite side of the harbour, the Dartmouth Commons is a large park next to Downtown Dartmouth laid out in the 1700s. It is home to the Leighton Dillman gardens and various sports grounds. Nearby,

7448-603: The Securities Association of China is a self-regulatory organization whose members are largely investment banks. Global investment banking revenue increased for the fifth year running in 2007, to a record US$ 84 billion, which was up 22% on the previous year and more than double the level in 2003. Subsequent to their exposure to United States sub-prime securities investments, many investment banks have experienced losses. As of late 2012, global revenues for investment banks were estimated at $ 240 billion, down about

7581-700: The Troubled Asset Relief Program (TARP). Surviving U.S. investment banks such as Goldman Sachs and Morgan Stanley converted to traditional bank holding companies to accept TARP relief. Similar situations have occurred across the globe with countries rescuing their banking industry. Initially, banks received part of a $ 700 billion TARP intended to stabilize the economy and thaw the frozen credit markets. Eventually, taxpayer assistance to banks reached nearly $ 13 trillion—most without much scrutiny— lending did not increase, and credit markets remained frozen. Halifax, Nova Scotia Halifax

7714-457: The amalgamation of Halifax in 1996 , and since its restructure as a municipality , the growth of Halifax has gradually increased. Many of the present day communities within the conurbation have morphed from being primarily rural in the recent past, to now primarily urban. With the demographic change and growth of many communities within urban Halifax, their function and role within the conurbation has changed. With this continuous growth, many of

7847-469: The marijuana sector with a $ 175 million deal for a stake in a producer. It was the first investment in the sector by a "Big Five Canadian bank". In January 2018, the bank was accused in a lawsuit along with five other Canadian banks for "conspiring to rig a Canadian rate benchmark to improve profits from derivatives trading". After resigning from the Canadian Liberal cabinet, Scott Brison

7980-530: The "Halifax Porch". Dalhousie University 's campus is often featured in films and documentaries. Surrounding areas of the municipality, including Dartmouth and Bedford, also possess their share of historic neighbourhoods and properties. The urban core is home to several blocks of typical North American high-rise office buildings; however, segments of the downtown are governed by height restrictions, known as "view planes legislation", which prevent buildings from obstructing certain sight lines between Citadel Hill and

8113-530: The 2016 Census. The Regional Centre has many public services within its boundaries, and it hosts large entertainment venues ( Scotiabank Centre ), and major hospitals ( Dartmouth General Hospital , the QEII Health Sciences Centre , and IWK Health Centre ). Halifax is geographically large, and there are over 200 official communities and neighbourhoods within the municipality. They vary from rural to urban. The former town of Bedford , and

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8246-410: The 2016 season. The bank is also a sponsor of the CF Montréal , announcing a five-year agreement to become lead sponsor and jersey sponsor on 14 June 2011. In addition, the bank is a sponsor of Los Angeles FC , with their stadium being named BMO Stadium since 2023. From at least 2007 through 2011, BMO was the sponsor for the Toronto Maple Leafs and the Toronto Raptors . In July 2008, BMO announced

8379-404: The Bank of Montreal four days after the collapse of the Commercial Bank and Union Bank of Newfoundland on 10 December 1894. By 1907, the bank had branches in every province of Atlantic Canada , with the opening of a branch in Charlottetown . Expansion into the Maritimes was further facilitated with the acquisition of the Exchange Bank of Yarmouth in 1903, the People's Bank of Halifax in 1905, and

8512-407: The Bank of Montreal's two units in Chicago paid $ 38 million. In December 2019, the bank cut 2,300 jobs, after a drop in quarterly earnings, effecting around five percent of the workforce. The company had plans to "double indigenous lending" in September 2019. There was controversy and protests in January 2020 after a12-year-old First Nations girl and her grandfather were handcuffed by police at

8645-435: The Dartmouth waterfront trail stretches from Downtown Dartmouth to Woodside. Among residents of central Dartmouth, the area around Sullivan's Pond and Lake Banook is popular for strolling and paddling. The forested Shubie Park , through which the historic Shubenacadie Canal runs, is a major park in suburban Dartmouth. Mainland Halifax is home to several significant parks, including Sir Sandford Fleming Park , gifted to

8778-405: The Halifax Regional Municipality (HRM), although "Halifax" has remained in common usage for brevity. On April 15, 2014, regional council approved the implementation of a new branding campaign for the municipality. The campaign would see the region referred to in promotional materials simply as "Halifax", although "Halifax Regional Municipality" would remain the region's official name. Halifax has

8911-417: The Halifax peninsula, the wide fields are a popular location for sports. The slopes of Citadel Hill , overlooking downtown, are favoured by sunbathers and kite-flyers. The Halifax Public Gardens , a short walk away, are Victorian era public gardens formally established in 1867 and designated a National Historic Site in 1984. Victoria Park , across the street, contains various monuments and statues erected by

9044-421: The Metropolitan Authority since the late 1970s, but remained independent towns and cities until April 1, 1996, when the provincial government amalgamated all municipal governments within Halifax County to create the Halifax Regional Municipality. The municipal boundary thus now includes all of Halifax County except for several First Nation reserves. Since amalgamation, the region has officially been known as

9177-429: The National Investment Banking Association (NIBA). In Europe, the European Forum of Securities Associations was formed in 2007 by various European trade associations. Several European trade associations (principally the London Investment Banking Association and the European SIFMA affiliate) combined in November 2009 to form the Association for Financial Markets in Europe (AFME). In the securities industry in China ,

9310-425: The People , a bank based in Toronto. BMO was permitted to open its own branches in the area, after Upper Canada and Lower Canada were united to create the Province of Canada in 1841. Shortly after the two colonies merged, the bank opened branches into Cobourg , Belleville , Brockville , and Ottawa . Expansion into the Maritimes and Western Canada was facilitated following Canadian Confederation . In 1877,

9443-425: The People's Bank of New Brunswick in 1906. The early 20th century also saw the bank acquire several financial institutions that helped increase its presence in Newfoundland, and areas west of Quebec, including the Ontario Bank in 1906, the Bank of British North America in 1918, and the Merchants Bank of Canada in 1921. During this period, the bank also acquired the Montreal-based Molson Bank in 1925. In 1942,

9576-545: The West from BNP Paribas , with the intent of merging it with BMO Harris Bank, which would at least double BMO's total presence in the United States. BMO's acquisition of Bank of the West was completed in February 2023, and the Bank of the West brand is planned to be absorbed into the BMO brand by September 2023. In January 2024, BMO became the first new member of the club of United Kingdom Bond dealers in 10 years, becoming one of

9709-492: The annual Halifax International Busker Festival every August. Downtown Halifax, home to many small shops and vendors, is a major shopping area. It is also home to several shopping centres, including Scotia Square , Barrington Place Shops, and Maritime Mall . Numerous malls on Spring Garden Road , including the Park Lane Mall , are also located nearby. The area is home to approximately 200 restaurants and bars, offering

9842-544: The bank assumed control of two retail branches formerly belonging to the Standard Chartered Bank of Canada . In 1994, the Bank of Montreal became the first Canadian bank to be listed on the New York Stock Exchange . In 1995, the bank opened its first branch in Guangzhou , formally receiving a license to operate the branch on 20 November 1996. In doing so the bank became the first Canadian bank to receive

9975-465: The bank ended production of its own bank notes , which were in circulation in Canada since 1871. By 1944, the central bank of the country, the Bank of Canada became the sole issuer of currency in Canada, and notes from private banks were withdrawn. In 1960, the Bank of Montreal moved its operational headquarters to a seventeen-storey structure next to its historic head office. The building served as

10108-713: The bank opened its first branch in Western Canada, with the opening of a branch in Winnipeg . New branches were also opened in the Maritimes, in Halifax , Moncton , and Saint John completed shortly after Confederation. The Bank of Montreal established branches in Newfoundland Colony on 31 January 1895, at the behest of the colonial government. The colonial government of Newfoundland made the request to

10241-407: The bank to a potential M&A client; if the pitch is successful, the bank arranges the deal for the client. Recent legal and regulatory developments in the U.S. will likely alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain highly leveraged transactions. On behalf of the bank and its clients, a large investment bank's primary function

10374-432: The bank's operational headquarters until 1977, when it was moved to First Canadian Place on Bay Street in Toronto in 1977. The structure was named after the bank's slogan at the time, The First Canadian Bank , which was introduced in 1969, and was prominent in much of the bank's advertising during the 1970's, most notably in television commercials featuring Canadian actor Leslie Nielsen . The bank's present "M-Bar" logo

10507-444: The bank's profitability. See also Chinese wall § Finance . This area of the bank includes treasury management , internal controls (such as Risk), and internal corporate strategy. Corporate treasury is responsible for an investment bank's funding, capital structure management, and liquidity risk monitoring; it is (co)responsible for the bank's funds transfer pricing (FTP) framework. Internal control tracks and analyzes

10640-492: The boundaries of Taylor Head Provincial Park . The northeastern area of the municipality, centred on Sheet Harbour and the Musquodoboit Valley, is completely rural, with the area sharing more in common with the adjacent rural areas of neighbouring Guysborough , Pictou and Colchester counties. Most economic activity in the Musquodoboit Valley is based on agriculture, as it is the largest farming district in

10773-413: The capital flows of the firm, the finance division is the principal adviser to senior management on essential areas such as controlling the firm's global risk exposure and the profitability and structure of the firm's various businesses via dedicated trading desk product control teams. In the United States and United Kingdom, a comptroller (or financial controller) is a senior position, often reporting to

10906-512: The chief financial officer. Risk management involves analyzing the market and credit risk that an investment bank or its clients take onto their balance sheet during transactions or trades. Middle office "Credit Risk" focuses around capital markets activities, such as syndicated loans , bond issuance, restructuring , and leveraged finance. These are not considered "front office" as they tend not to be client-facing and rather 'control' banking functions from taking too much risk. "Market Risk"

11039-501: The client groups operates under multiple brand names. In October 2008, Mediacorp Canada Inc. named BMO Financial Group one of Greater Toronto's Top Employers . A number of buildings in which Bank of Montreal presently operates branches have been designated by municipal, provincial, and/or federal levels of government as being of historic importance . These include: A number of late-19th century Bank of Montreal branches were also built by British architect, Andrew Taylor. Taylor designed

11172-538: The coast as a category 1 storm in 2010. In 2019, Hurricane Dorian made landfall just south of Halifax as a post-tropical storm with an intensity equivalent to a category 2 hurricane and caused significant damage across Nova Scotia. In 2021 Hurricane Ida hit the region with minor damage. In 2022, Hurricane Fiona hit as a category 2 storm, although damage was relatively minor in Halifax, with downed trees and widespread power outages for days. Atlantic sea surface temperatures have risen in recent years, making Halifax and

11305-418: The coast of Nova Scotia somewhat more susceptible to hurricanes than the area had been in the past. The highest temperature ever recorded in Halifax was 37.2 °C (99.0 °F) on July 10, 1912, and the lowest temperature recorded was −29.4 °C (−20.9 °F) on February 18, 1922. The March 2012 North American heat wave brought unusually high temperatures to the municipality of Halifax. On March 22,

11438-431: The collapse of several notable investment banks, such as the bankruptcy of Lehman Brothers (one of the largest investment banks in the world) and the hurried fire sale of Merrill Lynch and the much smaller Bear Stearns to much larger banks, which effectively rescued them from bankruptcy. The entire financial services industry, including numerous investment banks, was bailed out by government taxpayer funded loans through

11571-541: The collection of fees for advising on a transaction, contrary to a commercial or retail bank. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act , the United States maintained a separation between investment banking and commercial banks. Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of

11704-517: The current communities have developed de facto business districts where residents of their respective communities (and their respective environs) can access products and services without travelling long distances (e.g. to Downtown Dartmouth or to Downtown Halifax ). Currently, the municipality is divided into 21 community planning areas which are further divided into neighbourhoods. The regional municipality has taken steps to reduce duplicate street names for its 9-1-1 emergency dispatch services; at

11837-459: The entirety of the County of Halifax and all of its places (cities, suburbs, towns, and villages) were turned into communities of a larger single-tier municipality called Halifax Regional Municipality. As of 2021, the total surface area of the municipality is 5,475.57 km (2,114.13 sq mi). The Halifax Regional Municipality occupies an area comparable in size to the total land area of

11970-399: The financial crisis. Equity underwriting revenue ranged from 30% to 38%, and fixed-income underwriting accounted for the remaining revenue. Revenues have been affected by the introduction of new products with higher margins ; however, these innovations are often copied quickly by competing banks, pushing down trading margins. For example, brokerages commissions for bond and equity trading

12103-495: The financial crisis. Investment banks have become concerned that lenders are securitizing in-house, driving the investment banks to pursue vertical integration by becoming lenders, which has been allowed in the United States since the repeal of the Glass–Steagall Act in 1999. According to The Wall Street Journal , in terms of total M&A advisory fees for the whole of 2020, the top ten investment banks were as listed in

12236-438: The former cities of Dartmouth and Halifax have maintained their original geographic names. Furthermore, communities that were suburban , or even rural before 1996, now have become more urban and have attained community status (e.g. Cole Harbour , Lower Sackville , Spryfield , et cetera). These community names are used on survey and mapping documents, for 9-1-1 service, municipal planning, and postal service. Before

12369-477: The free alternative arts weekly The Coast . Halifax has several online daily newspapers . allNovaScotia is a daily, subscriber-only outlet which focuses on business and political news from across the province. CityNews Halifax , associated with the CJNI-FM radio station, was created from a merger of the former News 95.7 and HalifaxToday (previously Local Xpress ) news websites. The Halifax Examiner

12502-562: The frost-free period is 182 days, ranging from May 1 to October 31. As of the 2021 Canadian Census , the Halifax Census Metropolitan Area ( Metropolitan Halifax ) is coterminous with the Municipality of Halifax and the Municipality of East Hants . The total land area of Metropolitan Halifax is 727,622 hectares (7,276.22 square kilometres; 2,809.36 square miles) The metropolitan area grew between

12635-416: The hopes that these clients will execute suggested trade ideas through the sales and trading division of the bank, and thereby generate revenue for the firm. With MiFID II requiring sell-side research teams in banks to charge for research, the business model for research is increasingly becoming revenue-generating. External rankings of researchers are becoming increasingly important, and banks have started

12768-783: The incident, BMO launched an Indigenous Advisory Council with Indigenous members from a number of provinces. The CEO of the bank argued against fossil fuel divestment in March 2020, after it "acquired $ 3 billion of energy loans from Deutsche Bank DBKGn.DE in 2018". In 2021, BMO signed the UN Principles for Responsible Banking (PRB) with the goal to reach global net-zero climate targets as well as net-zero financed emissions in their lending by 2050. In July 2022, BMO acquired Calgary-based Radicle Group Inc., an adviser to companies on sustainability and measuring carbon emissions. In December 2021, BMO agreed to acquire San Francisco-based Bank of

12901-445: The liability. In 2014, the bank acquired London-based Foreign & Colonial Investment Trust , later re-branding it as BMO Commercial Property Trust in 2019. In September 2015, BMO agreed to acquire General Electric Co. subsidiary GE Capital's transportation-finance unit. The business acquired has US$ 8.7 billion (CA$ 11.5 billion) of assets, 600 employees and 15 offices in the US and Canada. BMO and Simplii Financial (a subsidiary of

13034-400: The majority of revenue (60+% in some years) brought in by "trading" which includes brokerage commissions and proprietary trading; the proprietary trading is estimated to provide a significant portion of this revenue. The United States generated 46% of global revenue in 2009, down from 56% in 1999. Europe (with Middle East and Africa ) generated about a third, while Asian countries generated

13167-589: The majority of those residents commuting to and working in the urban core. Farther away, rural communities in the municipality function like any resource-based area in Nova Scotia, being sparsely populated and their local economies based on four major resource industries: agriculture , in the Musquodoboit Valley, fishing , along the coast, mining , in the Musquodoboit Valley and in Moose River Gold Mines and forestry , in most areas outside

13300-550: The mercury climbed to 28.2 °C (82.8 °F) at the Halifax Windsor Park weather station, and 27.2 °C (81.0 °F) at Halifax Stanfield International Airport . In spite of the possibility of high temperatures, in a normal year there are only three days that go above 30 °C (86 °F). Halifax also has a modest frost count by Canadian standards due to the maritime influence, averaging 131 air frosts and 49 full days below freezing annually. On average

13433-706: The modern-day Regional Municipality. St. Margaret's Bay was first settled by French-speaking Foreign Protestants at French Village, Nova Scotia who migrated from Lunenburg, Nova Scotia during the American Revolution. December 6, 1917 saw one of the great disasters in Canadian history, when the SS ; Mont-Blanc , a French cargo ship carrying munitions, collided with the Belgian Relief vessel SS  Imo in "The Narrows" between upper Halifax Harbour and Bedford Basin. The resulting explosion,

13566-402: The municipal land area. The area surrounds Halifax Harbour and its main centres are Bedford , Dartmouth , and Halifax (and their respective environs). Between the 2016 Canadian Census and the 2021 Canadian Census , the built-up area of Halifax grew by 357 hectares (3.57 km ) from 23,472 hectares (234.72 km ) in 2016 to 23,829 hectares (238.29 km ) in 2021 . Halifax

13699-422: The municipality. CBC Radio has a major regional studio and there are also regional hubs for Rogers Radio and various private broadcast franchises, as well as a regional bureau for The Canadian Press / Broadcast News . Halifax's print media is centred on its single daily newspaper, the broadsheet Chronicle Herald as well as two free newspapers, the daily commuter-oriented edition of Metro International and

13832-413: The municipality. Most coastal communities are based on the fishing industry. Forestry is active in this area as well. It is also prevalent in the Musquodoboit Valley, but it takes a backseat to the more prominent agricultural industry. At 23,829 hectares (238.29 square kilometres; 92.00 square miles), Halifax's urban area (defined as population centre by Statistics Canada) is less than five percent of

13965-449: The northern boundary of the municipality usually being between 50 and 60 km (31 and 37 mi) inland. The coast is mostly rock with small isolated sand beaches in sheltered bays. The largest coastal features include St. Margarets Bay , Halifax Harbour / Bedford Basin , Cole Harbour , Musquodoboit Harbour , Jeddore Harbour, Ship Harbour, Sheet Harbour, and Ecum Secum Harbour. The municipality's topography spans from lush farmland in

14098-479: The only month with a high that is slightly below freezing at −0.1 °C (31.8 °F), while August is the warmest. The sea heavily influences the climate of the area, causing significant seasonal lag in summer, with August being significantly warmer than June and with September being the third mildest month in terms of mean temperature. Precipitation is high year-round. Winter features a mix of rain, freezing rain and snow with frequent freeze-thaw cycles. Snowfall

14231-562: The open market, a highly regulated process by the SEC to ensure transparency is provided to investors. Therefore, investment bankers play a very important role in issuing new security offerings. Front office is generally described as a revenue -generating role. There are two main areas within front office: investment banking and markets. Corporate finance is the aspect of investment banks which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions (M&A); transactions in which capital

14364-526: The operational headquarters was moved to a 17-storey tower adjacent the historic head office building. In 1977, the bank's operational headquarters or "executive office", was moved to First Canadian Place in Toronto, with the chairman, president, and some senior executives working from First Canadian Place. The structure's was named after a historic slogan of the bank, the First Canadian Bank ,

14497-597: The people of Halifax by Sir Sandford Fleming . It houses the Dingle Tower, dedicated in 1912 by the Duke of Connaught to commemorate 150 years of representative government in Nova Scotia. The Mainland Common, in Clayton Park , is a modern park home to various sports and community facilities. Long Lake Provincial Park , comprising more than 2,000 hectares, was designated in 1984 and affords Halifax residents access to

14630-423: The primary-dealer banks that buy bonds directly from the government. By buying bonds directly from the government, banks help create a liquid market for government debt, but they also have to hold additional capital as insurance against possible losses. In 2013, the number of primary bond dealers reached 21, by 2024 it had dropped to 16. BMO is divided into three "client groups" which serve different markets. Each of

14763-477: The process of monetizing research publications, client interaction times, meetings with clients etc. There is a potential conflict of interest between the investment bank and its analysis, in that published analysis can impact the performance of a security (in the secondary markets or an initial public offering) or influence the relationship between the banker and its corporate clients, and vice versa regarding material non-public information (MNPI), thereby affecting

14896-411: The promotion of securities (e.g. underwriting, research, etc.). The " buy side " involves the provision of advice to institutions that buy investment services. Private equity funds, mutual funds , life insurance companies, unit trusts , and hedge funds are the most common types of buy-side entities . An investment bank can also be split into private and public functions with a screen separating

15029-605: The province of Prince Edward Island , and measures approximately 165 km (103 mi) in length between its eastern and westernmost extremities, excluding Sable Island . The nearest point of land to Sable Island is not in HRM, but rather in adjacent Guysborough County . However, Sable Island is considered part of District 7 of the Halifax Regional Council. The coastline is heavily indented, accounting for its length of approximately 400 km (250 mi), with

15162-588: The region's national-quality sports and entertainment facilities. Halifax is also the home to many of the region's major cultural attractions, such as Halifax Pop Explosion , Symphony Nova Scotia , the Art Gallery of Nova Scotia , The Khyber , the Maritime Museum of the Atlantic and the Neptune Theatre. The region is noted for the strength of its music scene and nightlife, especially within

15295-498: The remaining 21%. The industry is heavily concentrated in a small number of major financial centers, including New York City , City of London , Frankfurt , Hong Kong , Singapore , and Tokyo . The majority of the world's largest Bulge Bracket investment banks and their investment managers are headquartered in New York and are also important participants in other financial centers. The city of London has historically served as

15428-512: The same year, the Bank of Montreal acquired the Diners Club International 's North American franchise from Citibank . The transaction gave BMO exclusive rights to issue Diners cards in the US and Canada. In October 2010, the bank became the first Canadian bank to incorporate in China, with branches in China operating as BMO ChinaCo. In December 2010, BMO announced the purchase of Milwaukee -based Marshall & Ilsley , and

15561-658: The same year, the bank opened its first branch in Quebec City ; and several offices in Upper Canada , including Amherstburg , Kingston , Perth , and York (present day Toronto ). The bank also opened its first foreign permanent office in 1818, opening an office in Willam Street in New York City . By 1822, the bank converted from the status it had held since its founding as a private company owned by

15694-708: The table below. Many of these firms belong either to the Bulge Bracket (upper tier), Middle Market (mid-level businesses), or are elite boutique investment banks (independent advisory investment banks). The above list is just a ranking of the advisory arm (M&A advisory, syndicated loans, equity capital markets, and debt capital markets) of each bank and does not include the generally much larger portion of revenues from sales & trading and asset management . Mergers and acquisitions and capital markets are also often covered by The Wall Street Journal and Bloomberg . The financial crisis of 2007–2008 led to

15827-614: The technology team, who are also responsible for technical support . Technology has changed considerably in the last few years as more sales and trading desks are using electronic processing. Some trades are initiated by complex algorithms for hedging purposes. Firms are responsible for compliance with local and foreign government regulations and internal regulations. The investment banking industry can be broken up into Bulge Bracket (upper tier), Middle Market (mid-level businesses), and boutique market (specialized businesses) categories. There are various trade associations throughout

15960-425: The time of amalgamation, some street names were duplicated several times throughout the municipality. Current planning areas: Halifax is centred on the urban core and surrounded by areas of decreasing population density. Rural areas lie to the east, west and north of the urban core. The Atlantic Ocean lies to the south. Certain rural communities on the urban fringe function as suburban or exurban areas, with

16093-465: The trading cap — that are independent of client needs, even though these groups may be responsible for deal approval that directly affects capital market activities. Similarly, the Internal corporate strategy group, tackling firm management and profit strategy, unlike corporate strategy groups that advise clients, is non-revenue regenerating yet a key functional role within investment banks. This list

16226-499: The two to prevent information from crossing. The private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in the United States must be a licensed broker-dealer and subject to U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regulation. The Dutch East India Company

16359-654: The urban communities; see List of musical groups from Halifax, Nova Scotia for a partial list. Halifax hosts a wide variety of festivals that take place throughout the year, including; the largest Canada Day celebration east of Ottawa, the Atlantic Film Festival , the Halifax International Busker Festival, Greekfest, Atlantic Jazz Festival, the Multicultural Festival, Natal Day , Nocturne Festival ,

16492-461: The urban core. Also, the tourism industry is beginning to change how some rural communities in Halifax function, particularly in communities such as Hubbards , Peggys Cove , with its notable lighthouse and Lawrencetown , with Lawrencetown Beach. There are two other large beaches along the coast, Martinique Beach, near Musquodoboit Harbour and Taylor Head Beach , located in Spry Bay , within

16625-408: The way the firm will operate in the market, the direction it would like to take in terms of its proprietary and flow positions, the suggestions salespersons give to clients, as well as the way structurers create new products. Banks also undertake risk through proprietary trading , performed by a special set of traders who do not interface with clients and through "principal risk"—risk undertaken by

16758-605: The whole range of asset types. (In distinction, trades negotiated by market-makers usually bear standard terms; in market making , traders will buy and sell financial products with the goal of making money on each trade. See under trading desk .) Structuring has been a relatively recent activity as derivatives have come into play, with highly technical and numerate employees working on creating complex structured products which typically offer much greater margins and returns than underlying cash securities, so-called "yield enhancement". In 2010, investment banks came under pressure as

16891-689: The world which represent the industry in lobbying , facilitate industry standards, and publish statistics. The International Council of Securities Associations (ICSA) is a global group of trade associations. In the United States, the Securities Industry and Financial Markets Association (SIFMA) is likely the most significant; however, several of the large investment banks are members of the American Bankers Association Securities Association (ABASA), while small investment banks are members of

17024-440: Was also introduced during this time, in 1967. However, the bank's legal headquarters remains at the historic Montreal head office, with First Canadian Place formally listed as the "executive office" of the bank. In 1984, the bank acquired Chicago-based Harris Bank (through its parent, Harris Bankcorp), later rebranded as BMO Harris Bank . In 1987, the bank acquired stock brokerage Nesbitt, Thomson and Company . Several years later,

17157-531: Was completed in 1894, and was designated as a historic site as a good example of Queen Anne Revival architecture . Another former Bank of Montreal branch on Front and Yonge Streets in Toronto has housed the Hockey Hall of Fame since 1993. The 1885 Beaux-Arts styled building designed by the Toronto firm of Darling & Curry . Completed in 1847, the Bank of Montreal Head Office is formally located in Montreal, on Saint Jacques Street . However in 1960,

17290-631: Was founded by the former news editor of The Coast in 2014 and, like allNovaScotia , is supported through subscriptions. From 1974 to 2008, Halifax had a second daily newspaper, the tabloid The Daily News , which still publishes several neighbourhood weekly papers such as The Bedford-Sackville Weekly News , The Halifax West-Clayton Park Weekly News and the Dartmouth-Cole Harbour Weekly News . These weekly papers compete with The Chronicle-Herald' s weekly Community Heralds HRM West , HRM East , and HRM North . Halifax

17423-512: Was hired by the bank as its vice-chair of investment and corporate banking in February 2019. In February 2019, it became reported that its US retail profits had surged. The bank moved its New York City headquarters in April 2019, to a former Conde Nast building. That month, the bank's Irish subsidiary was fined several million for a license breach. To settle charges by the SEC that it hid conflicts of interest from clients in 2016, in September 2019

17556-506: Was later amalgamated with its Harris Bank operations. When the transaction completed, M&I Bank, along with current Harris Bank branches were rebranded BMO Harris Bank . In 2022, BMO booked US$ 834 million after being found liable for Marshall & Ilsley Bank Ponzi scheme with damages of US$ 550 million. In 2009, businessman Thomas Petters was found guilty of running the scheme using an account at Marshall & Ilsley between 2002 and 2008. When BMO bought Marshall & Ilsley and assumed

17689-466: Was the first company to issue bonds and shares of stock to the general public. It was also the first publicly traded company , being the first company to be listed on an official stock exchange . Investment banking has changed over the years, beginning as a partnership firm focused on underwriting security issuance, i.e. initial public offerings (IPOs) and secondary market offerings , brokerage , and mergers and acquisitions, and evolving into

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