By Nivedita Balu TORONTO (Reuters) -Bank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third largest bank said on Saturday. The move, applicable in Canada and the United States, comes after BMO's bad debt provisions in retail trade surged to C$81 million ($60 million) in the quarter ended July 31 compared with a recovery of C$9 million a year ago, in a sign of...

By Nivedita Balu TORONTO (Reuters) - The Bank of Canada's interest rate hike on Wednesday and prospects of more increases heighten risks to mortgage lenders as homeowners are likely stay in debt longer, struggling to make higher payments or pay even the interest portion of their home loans, investors and analysts said. After urging lenders to tackle risks from a sharp rise in borrowing costs, Canada's main banking regulator, Office of the Superintendent of Financial Institutions (OSFI), on...

By Nivedita Balu TORONTO (Reuters) -Canada's financial regulator is urging lenders to tackle risks from mortgage extensions at the "earliest opportunity" as many borrowers try to navigate higher mortgage costs after the Bank of Canada's surprise rate hike last week. The Office of the Superintendent of Financial Institutions' (OSFI) urgency underscores the concern about the risk accumulating in Canadian lenders' books as the central bank has resumed interest rate hike after a four-month pause....

FILE PHOTO: A silhouette of a woman wearing a protective face shield and a protective face mask is seen near a Nike logo at a shopping mall on the first day after the government eased restrictions amid the coronavirus disease (COVID-19) outbreak in Jakarta, Indonesia, June 15, 2020. REUTERS/Ajeng Dinar Ulfiana (Reuters) – Nike Inc <NKE.N> on Thursday reported an unexpected quarterly loss – its first in more than two years – hurt by closures of department and retail stores due to lockdowns...

(Reuters) - Men’s apparel brand Brooks Brothers filed for Chapter 11 bankruptcy on Wednesday, joining a long list of retailers including Neiman Marcus that have crumbled under the impact of the coronavirus crisis. Brooks Brothers, which has dressed nearly 40 former U.S. presidents including John F. Kennedy and Barack Obama, has been around for more than 200 years, making it one of the oldest U.S. clothing retailer. In a court filing, the company stated that it had assets and liabilities...