5% cut in the workforce of Bank of Montreal causing reconstructing charges to drop profit

There was a drop reported in the total profit of the Bank of Montreal on Tuesday, caused by severance costs when its workforce of around 5% got cut, causing the shares to go even lower. 

The total income of BMO fell from C$1.7 billion to C$1.19 billion ($894.67 million), or from C$1.78 per share to C$2.58 last year. The company charged a reconstructing fee of C$357 million, compensating for paying out the job cuts and costs for ....