Darryl White said on the bank’s third-quarter earnings call that while the 50 per cent tariffs are “acute,” they affect only about five per cent of Canadian exports to the U.S., with government support expected to help cushion the impact. He also urged both provincial and federal governments to accelerate regulatory reviews and remove internal trade barriers. (The Logic)

Talking point: BMO reported third-quarter net income of $1.75 billion, down 25 per cent from a year earlier, reflecting a charge tied to the sale of its transportation and vendor finance businesses. Its U.S. banking division, which accounted for roughly 49 per cent of earnings this quarter, generated $868 million, a result Jefferies analyst John Aiken called a “distinct positive.” BMO restructured its U.S. operations as it works toward a 15 per cent return on equity by the end of 2027, including exiting less-profitable loan portfolios and shifting resources toward California and other U.S. markets. The bank set aside $722 million for credit losses, down from $797 million a year earlier and below Visible Alpha estimates.

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