Banking News
Globe says BMO, others limit branch hours, close some
2020-03-18 08:51 ET - In the News
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank
The Globe and Mail reports in its Wednesday edition that Canada's six largest banks will cut back operating hours and reduce the number of branches open to the public. The Globe's Mark Rendell writes that the moves are designed to limit in-person banking interactions and create a reserve of healthy employees who are able to keep banks running in the event that specific branches are affected by COVID-19. Bank of Montreal said on Tuesday that it will temporarily close around 130 bank branches, 15 per cent of its branch network in Canada. It will also cut operating hours, although the new hours have not yet been announced. Royal Bank of Canada said on Tuesday that it will temporarily close "a number of branches, starting this week," although it did not specify how many. Canadian Imperial Bank of Commerce said late Monday night that it would close 206 "adviser centres," which do not offer over-the-counter teller services. CIBC's other 816 banking centres will remain open to customers, although they will operate with reduced weekday hours of 10 a.m. to 4 p.m. National Bank of Canada will announce measures on Wednesday. Bank of Nova Scotia and Toronto-Dominion Bank did not respond to requests for comment.