As oil prices fell, many analysts warned that Canadian banks could suffer. Over one-third of Canada’s economy is related to the energy sector, so as the space weakened, many predicted that numerous companies wouldn’t be able to pay back billions in bank debt. Consumers, especially oil and gas workers, were also expected to get hit.
Now that we are roughly two years into the downturn, are major financial institutions feeling the pain? The CEO of Bank of Montreal (TSX:BMO)(NYSE:BMO) recently commented on the situation.
Nothing to report …
Source: The Motley Fool