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Message
BMO to Exit Oil And Gas Investment Banking in the U.S.
Posted on 11/30/20 at 10:02 pm
Posted on 11/30/20 at 10:02 pm
Lots of good people going to lose their jobs.
LINK
LINK
quote:
Bank of Montreal is winding down its U.S. oil and gas investment banking business and will focus on assets in Canada going forward, becoming the latest financial institution to cut ties with America’s beleaguered shale industry.
quote:
The company is eliminating about 50 positions in its investment banking group as part of the exit that was announced to staff on Monday, according to a person with direct knowledge of the situation who asked not to be identified because the information isn’t public. A handful of corporate bankers will manage BMO’s U.S. oil and gas loan book, the person said.
18
Posted on 11/30/20 at 10:03 pm to RedRifle
well this is not good. 
Posted on 11/30/20 at 10:03 pm to RedRifle
O&G as an investment is on the way out.
Doesn't mean we won't need petroleum, but the market is going to turn ultra competitive. Part of whatever cycle.
Doesn't mean we won't need petroleum, but the market is going to turn ultra competitive. Part of whatever cycle.
Posted on 11/30/20 at 10:03 pm to RedRifle
quote:I only opened this thread to find out what the frick this stands for
BMO
Posted on 11/30/20 at 10:03 pm to RedRifle
Makes sense when the administration promises to destroy the industry
Posted on 11/30/20 at 10:04 pm to RedRifle
Truck nuts on or off
Posted on 11/30/20 at 10:05 pm to jamboybarry
Truck nuts just going to be shriveled
Posted on 11/30/20 at 10:05 pm to fightin tigers
SHORT THE NUTS
Posted on 11/30/20 at 10:09 pm to RedRifle
Posted on 11/30/20 at 10:09 pm to fightin tigers
Yeh, what gets me is that a lot of the anti-oil and gas people don't realize just how much "stuff" is petroleum based in one way or another. At least the younger people that are always complaining about it. But I know Canada drills oil so I am guessing BOM is just going to focus on their own domestic production?
This post was edited on 11/30/20 at 10:10 pm
Posted on 11/30/20 at 10:11 pm to RedRifle
does this mean more or less expensive gas?
Posted on 11/30/20 at 10:12 pm to BorrisMart
Maybe. I would assume it is all about ROI and they see the future changing.
Posted on 11/30/20 at 10:16 pm to fightin tigers
quote:
and they see the future changing.
this is what I am more concerned about.
And GreatLakes... I honestly don't know. I grew up in an area that is really dependent on gas so everyone wants high gas prices and it seems like when there were layoffs and rigs being stacked the prices went down. But idk, i'm no economist.
Posted on 11/30/20 at 10:19 pm to RedRifle
US shale/unconventionals have been a poor investment proposition for a while now. I’m not sure it was even all that great during the boom years given the costs. It just doesn’t generate enough ROI.
Posted on 11/30/20 at 10:33 pm to GreatLakesTiger24
quote:
does this mean more or less expensive gas?
It means more expensive everything, O&G effects every sector of the US economy. You name it and it’s directly/indirectly affected by it. So these same idiots who voted to cut their own nuts by voting for the DNC & are bitching w/in 6 months that they have less at the end of the month did it to themselves. Self-inflicted financial suicide.
Posted on 11/30/20 at 10:39 pm to Kafka
quote:
BMO
quote:Bank of Montreal's stock symbol
I only opened this thread to find out what the frick this stands for
Posted on 11/30/20 at 10:42 pm to Boomdaddy65201
quote:
Self-inflicted financial suicide.
The mantra of 2020 and progressive politics
Posted on 11/30/20 at 10:46 pm to GreatLakesTiger24
There’s so much of it. It won’t ever be expensive again. This isn’t a D issue. Oil prices have been in the shitter all through this presidency. The truth is that this is finally the end.
Posted on 11/30/20 at 10:48 pm to Ross
quote:
The mantra of 2020 and progressive politics
So what do you blame for prices being low the last 4 years? Especially with open regulation? You’re going to blame democrats for the fact that supply is so plentiful?
Posted on 11/30/20 at 10:50 pm to RedRifle
quote:
So what do you blame for prices being low the last 4 years?
Donald Drumpf
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