MONTREAL, Dec. 3 (Xinhua)-- The Bank of Montreal announced on Tuesday that its fourth-quarter profit fell to 1.19 billion Canadian dollars (about 895 million U.S. dollars) due to a restructuring charge as it cut 5 percent of its workforce.
It is reported that restructuring charge cost the Canadian commercial bank about 357 million Canadian dollars (about 268 million U.S. dollars).
The bank has more than 45,500 employees by the end of October. A 5-percent cut means that about 2,300 people will be laid off.
The Bank of Montreal is a Canadian multinational investment bank and financial services company headquartered in Montreal, Canada.
It is the fourth-largest bank in Canada by market capitalization and assets, and one of the ten largest banks in North America.
