The First of the banks report their Profits
Bank of Montreal was the first out the gate to announce it’s fourth quarter and consequently their annual profits. I have to say people should be outraged. These profits are big, despite big writedowns as a result of their exposure to the US credit woes.
Don’t get me wrong I am ok with profit and free enterprise, but the outrage is not at the banks but rather ourselves for not holding them accountable.
For instance wholesale mortgage brokers routinely have mortgage rates advertised at least .50%-.75% lower then the banks, yet the industry nationally has a 30% market share. More people have to look for ways to save money on their banking and credit and hold them accountable to better pricing.
By the way BMO’s profit was $452 million for the fourth quarter and $2.13 billion for the year.
Greg Williamson
