This is an article about Royal Bank of Canada’s Chief Executive Dave McKay announcing that the bank’s takeover of HSBC’s Canadian operations is expected to lead to significant cost savings. The deal, expected to close in the current quarter, is projected to save the company $740 million in costs, or about 55% of HSBC Canada’s overall cost base. McKay also mentioned that HSBC Canada’s technology will be migrated onto RBC’s platforms on the day of the financial close.

In addition to this, Bank of Montreal CEO Darryl White said that BMO is expecting a “significant” expense reduction from its acquisition of Bank of the West last year, with savings almost 20% higher than the original estimate. White said that BMO has upped its synergies target from US$670 million to US$800 million based on the original estimate, which will be completed by the end of the first quarter.

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By hassani

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