Bank of Montreal (BMO): Business Model Canvas [Dec-2025 Updated]

You're digging into the core mechanics of a major North American bank, and frankly, the Bank of Montreal's late 2025 Business Model Canvas reveals a clear pivot toward digital integration and cross-border dominance. This isn't just about size; it's about execution, backed by a strong 13.3% Common Equity Tier 1 Ratio and total assets nearing $1.5 trillion. With Net Interest Income hitting $21,487 million and Fee Income adding another $14,787 million in Fiscal 2025, their model is clearly focused on monetizing that scale through specialized Capital Markets and seamless U.S. retail expansion. Keep reading to see the specific partnerships and digital resources driving this strategy.

Bank of Montreal (BMO) - Canvas Business Model: Key Partnerships

You're looking at the external relationships BMO relies on to execute its strategy as of late 2025. These alliances are critical for scaling digital reach and enhancing specific product offerings.

Walmart Canada for Retail Client Acquisition and Loyalty Programs

BMO announced a strategic collaboration with Walmart Canada in December 2025 to drive retail client acquisition. This partnership is designed to offer tangible value to Canadians looking to manage their finances and everyday spending.

• Eligible new clients opening a BMO Performance or Premium Chequing Account alongside a Savings Amplifier Account can receive up to 12 months of Walmart Delivery Pass at no cost.
• The offer includes unlimited, free same-day delivery on Walmart.ca/app orders over $35 (excluding Marketplace).
• Clients gain access to low in-store prices on more than 65,000 items.
• BMO Financial Group reported total assets of $1.4 trillion as of July 31, 2025.

FinTech Firms for Digital Innovation and Payments

BMO continues to embed financial services directly into client workflows through key FinTech partnerships, focusing on business banking connectivity and personal financial wellness. Here's a look at the metrics from the FISPAN and Personetics collaborations.

The BMO Sync solution, developed with FISPAN, was recognized with The Banker: Technology Awards 2025 for Best Bank/Fintech Partnership. Personetics, which reaches 150 million customers across 35 global markets, helps BMO turn data into clear, actionable insights.

Blend for Accelerating Digital Mortgage and Home Equity Lending in the U.S.

The partnership with Blend is central to BMO's U.S. digital strategy in lending. The results show clear efficiency gains in competitive markets. This defintely shows the value of external tech adoption.

• BMO saw a 53% year-over-year increase in digital home equity applications.
• The time to close mortgage and home equity applications was reduced by 5 days.
• The adoption of hybrid and RON (Remote Online Notarization) close saved approximately 10,000 hours per year in processing.
• Blend powered nearly $1.2 trillion in loan applications across its client base in 2024.
• Lenders using Blend achieved an average return of 10.67x their technology investment based on an independent ROI study.

Deloitte Canada for the BMO Celebrating Women Grant Program

BMO's ongoing collaboration with Deloitte Canada supports its commitment to community and economic empowerment for women entrepreneurs.

• For the 2025 program, BMO awarded a total of $100,000 in grants to ten Canadian ventures.
• Each of the ten grant recipients received $10,000.
• Since its creation in 2020, the program has awarded over $750,000 in grants across North America.
• BMO has supported 146,000+ Canadian and U.S. women-led businesses with more than $10 billion in loans.

Major Airline Partner for Co-Branded Credit Card and Loyalty Programs

BMO partnered with Porter Airlines and Mastercard to launch the BMO VIPorter Mastercard suite in spring 2025, directly targeting travel rewards and loyalty acceleration.

• Cardholders can earn confirmed PorterReserve flight certificates starting at $3,000 in annual spend.
• The program is designed to reward frequent travelers faster, allowing members to earn valuable travel benefits for fewer flights and less annual spend compared to some industry benchmarks.
• BMO Financial Group reported total assets of $1.41 trillion as of October 31, 2024.

Bank of Montreal (BMO) - Canvas Business Model: Key Activities

You're looking at the engine room of Bank of Montreal's operations as of late 2025. The numbers tell a clear story of diversification paying off, especially with the strong finish to fiscal 2025. The bank's total assets stand at a hefty $1.5 trillion, which gives you a sense of the scale we're talking about here. For the full fiscal year 2025, reported net income hit $8,725 million, with adjusted net income reaching $9,248 million, translating to an adjusted EPS of $12.16. That's a 26% jump in adjusted EPS from the prior year. Honestly, the focus is on driving that adjusted return on equity (ROE) up to its medium-term target, which was 15%, though the actual adjusted ROE for 2025 was 11.3%.

Core lending and deposit-taking across North America

This is the bedrock, the day-in, day-out business of taking deposits and making loans across both Canadian Personal and Commercial Banking (P&C) and the newly unified U.S. Banking segment. You saw strong revenue growth in the Canadian P&C segment, with revenue up 7% in the fourth quarter, largely fueled by higher net interest income (NII). The bank managed to expand its net interest margin by 15 basis points compared to the fourth quarter of the previous year, which shows they're getting better pricing on their core business. On the lending side, optimization is key; Bank of Montreal completed optimization actions for approximately 80% of loans identified as non-strategic, which helped reduce risk-weighted assets (RWA) by $4.6 billion over the year.

Here's a quick look at the segment performance for the fourth quarter of 2025:

The U.S. side saw a massive year-over-year increase in reported net income of $526 million in Q4, which is a big part of the story.

Capital Markets advisory, underwriting, and global trading

The Capital Markets activity was a significant earnings driver, especially in the fourth quarter. Adjusted net income for this segment in Q4 2025 was $532 million, a massive jump of $262 million, or 97%, compared to the same quarter last year. This growth came from higher revenue in both Global Markets and Investment and Corporate Banking. For the full third quarter, revenue was up 7%, reflecting good performance in global markets from debt and equity underwriting, plus higher trading revenue in investment and corporate banking, where advisory fees improved due to better client activity.

Wealth and Asset Management for institutional and private clients

Wealth Management showed solid, consistent growth, which is exactly what you want from a fee-based business. In the fourth quarter, reported net income for Wealth and Asset Management was $304 million, a 23% increase year-over-year. This was helped by stronger global markets and net sales, plus higher brokerage transaction volumes. To bolster this area, Bank of Montreal finalized the acquisition of Burgundy Asset Management, which joined on November 1st. Plus, BMO Global Asset Management picked up 12 LIPRA Fund awards, showing they're delivering strong risk-adjusted returns for clients.

Digital-first, AI-powered strategy development and deployment

While specific dollar amounts tied directly to AI deployment aren't always broken out in the top-line reports, the strategy itself is a key activity driving efficiency. Management noted that their digital-first, AI-powered strategy is actively reshaping how they operate to serve clients better. This focus is part of the broader effort that contributed to the bank achieving positive operating leverage for six consecutive quarters, with an adjusted operating leverage of 4.3% for fiscal 2025.

• Reported efficiency ratio improved to 58.2% in fiscal 2025 from 59.5% in 2024.
• Adjusted efficiency ratio improved to 56.3% in fiscal 2025.

Integration and optimization of the U.S. Banking segment

This is a major strategic undertaking. Effective the fourth quarter of 2025, Bank of Montreal formally combined its U.S. wealth management business with U.S. Personal and Commercial Banking to create one cohesive U.S. Banking operating segment. The results show improvement, but the work isn't done. For fiscal 2025, the U.S. banking segment's adjusted ROE was 8.1%, still shy of the segment's 12% medium-term target. However, the segment's adjusted earnings growth was a striking 100% in fiscal 2025, though much of that was due to lower provisioning expenses, as the prior year was the peak of credit costs in that cycle. The underlying adjusted PTPP (Pre-Provision, Pre-Tax) growth was only 7%, driven by strong fee income growth of 10%.

You can see the credit clean-up in the provision numbers:

• U.S. impaired loan provisions in Q4 2025 were $209 million, down from $446 million in the prior year's quarter.
• The bank is actively managing its physical footprint: they announced the sale of 138 branches in the U.S. but plan to open 150 new branches over the next five years where prospects are better.

Finance: draft 13-week cash view by Friday.

Bank of Montreal (BMO) - Canvas Business Model: Key Resources

You're looking at the core assets that anchor Bank of Montreal's operations heading into 2026. These aren't just line items; they represent the financial muscle and infrastructure supporting their North American strategy.

The capital base is definitely strong, providing a solid foundation for growth and regulatory compliance. As of October 31, 2025, Bank of Montreal maintained a Common Equity Tier 1 (CET1) Ratio of 13.3%. That figure sits comfortably above their management target of $\text{12.5\%}$.

In terms of sheer size, Bank of Montreal is a major player. Total assets for Bank of Montreal Group stood at approximately $1.5 trillion as of late 2025. To be more precise with the latest reported figures, the consolidated balance sheet showed total assets of C$1,476,802 million as at October 31, 2025.

This financial heft is deployed across a significant physical and digital footprint. The integrated North American branch network is substantial, though it is undergoing optimization. Bank of Montreal has more than 900 branches in Canada and over 1000 in the United States. However, note the strategic shift: Bank of Montreal agreed to sell 138 of its U.S. branches to First-Citizens Bank & Trust Co., with the deal expected to close by mid-2026.

The technology stack is becoming a critical resource, too. Bank of Montreal is actively using machine and reinforcement learning models in credit and capital markets, and their strategy is described as digital-first and AI-powered, including the launch of digital assistants.

The core of the business is its diversified loan and deposit portfolio, structured across four main segments as of the fourth quarter of 2025: Canadian Personal and Commercial Banking, U.S. Banking, Wealth Management, and Capital Markets. The U.S. Personal and Business Banking, Commercial Banking, and Wealth Management businesses were combined into the unified U.S. Banking segment effective the fourth quarter of 2025.

Here's a look at the scale of the balance sheet supporting these segments as of October 31, 2025, all figures in Canadian dollars:

The deployment of capital is also a key resource management activity. Over the course of fiscal 2025, Bank of Montreal returned over $8 billion in capital to shareholders through buybacks and dividends. Specifically, the bank purchased 8.0 million common shares for cancellation during the fourth quarter of 2025.

The operational structure supporting these resources is defined by the segment reporting:

• Canadian Personal and Commercial Banking
• U.S. Banking (Unified segment effective Q4 2025)
• Wealth Management
• Capital Markets

The U.S. operations, which represent 45% of total average assets, are a material component of the resource base. Finance: draft 13-week cash view by Friday.

Bank of Montreal (BMO) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Bank of Montreal (BMO) over competitors, and the data shows a clear focus on North American scale and digital leadership. Bank of Montreal (BMO) is the seventh largest bank in North America by assets. Total assets stood at $1.4 trillion as of July 31, 2025.

Seamless cross-border banking for Canadian and U.S. clients is a key differentiator, supported by its integrated North American structure. As of fiscal year 2025, U.S. operations represented 45% of total average assets, while Canadian and other non-U.S. operations represented 55%. This scale helps support the bank's overall performance, with fiscal 2025 adjusted net income reaching $9,248 million.

The value proposition of full-service financial diversification is evident in the performance across its operating groups. The bank serves over 13 million customers across Canada and the United States. You can see the revenue contribution from the core segments for the year-to-date period ending Q4 2025:

For the fourth quarter of 2025, reported and adjusted revenue was $9,341 million.

Digital convenience and security through award-winning mobile platforms is clearly a priority. Bank of Montreal (BMO) ranked first in EMARKETER's 2025 Canada Mobile Banking Features Benchmark for the second year running. This included top rankings in account management, alerts, digital money management, and, for the first time, Security. Furthermore, Bank of Montreal (BMO) received recognition for the 'Best Use of Gen AI for Customer Experience' at the Digital CX Awards 2025. This technology is being deployed internally, with the Gen AI bot currently supporting over 8,000 Canadian frontline employees, with plans to expand to over 14,000 Canadian Personal and Business Banking employees by the end of 2025.

The commitment to sustainability and women-owned businesses (ESG focus) translates into tangible capital allocation and support programs. Bank of Montreal (BMO) has a public target to mobilize $300 billion in capital for clients pursuing sustainable outcomes by 2025. Regarding direct support for women entrepreneurs:

• The 2025 BMO Celebrating Women Grant Program in Canada awarded a total of $100,000 in grants to ten ventures.
• Each Canadian grant recipient received $10,000.
• In the U.S., the bank awarded $150,000 in grants to 15 businesses, with each recipient getting $10,000.

The bank's values, including Responsibility, inspire this focus on a sustainable future and inclusive society. Finance: draft 13-week cash view by Friday.

Bank of Montreal (BMO) - Canvas Business Model: Customer Relationships

You're looking at how Bank of Montreal (BMO) keeps its diverse client base engaged, which is key since they are the seventh largest bank in North America by assets, holding $1.4 trillion as of July 31, 2025. The relationship strategy splits clearly between high-touch service for complex clients and scalable digital experiences for the retail base.

Dedicated relationship managers for Commercial and Wealth clients

For your Commercial and Wealth segments, Bank of Montreal relies on deep, specialized expertise, not just general banking. This is evident in their Sponsor Finance group, which has partnered with nearly 350 middle-market private equity sponsors. Their success is rooted in being true partners; for instance, their Administrative Agency rate has increased from 50% to 80% in that space, showing deep client trust. Similarly, within Private Equity Credit, Bank of Montreal serves over 100 firms and 1,300+ professionals with tailored lending solutions, a testament to dedicated relationship management.

Digital self-service and AI-powered support for retail customers

For the retail side, the focus is on meeting customers where they are digitally. Bank of Montreal continues to invest heavily in technology to drive this. They were recognized for this commitment, ranking first in EMARKETER's 2025 Canada Mobile Banking Features Benchmark for the second year running. Still, the digital adoption numbers show there's always room to grow. Here's a quick look at some of the metrics:

The bank is also using Generative AI to enhance support, not just for customers, but for its own staff to improve service quality. They launched an in-house Gen AI bot that currently supports over 8,000 Canadian frontline employees, with plans to expand this support to over 14,000 Canadian Personal and Business Banking employees by the end of 2025. This focus on AI-enabled experiences earned them the 'Best Use of Gen AI for Customer Experience' award at the Digital CX Awards 2025.

Loyalty programs and strategic retail partnerships to drive new accounts

To bring new retail customers in, Bank of Montreal uses targeted product launches and partnerships. For example, the BMO Escape Credit Card, geared for travelers, offered new signees the chance to earn up to 45,000 points after spending $5,000 within the first three months of account opening. This kind of incentive drives initial adoption and locks in spending behavior.

BMO SmartProgress financial literacy platform for long-term loyalty

For long-term stickiness, the bank offers BMO SmartProgress, a free, online financial education platform for all Canadians. This isn't just a few articles; it provides over 40 interactive, customized modules covering complex topics like budgeting, credit management, homeownership, and investing. By helping clients build financial literacy, Bank of Montreal aims to be their trusted partner for major life milestones, which definitely builds loyalty over time.

Finance: draft 13-week cash view by Friday.

Bank of Montreal (BMO) - Canvas Business Model: Channels

You're looking at how Bank of Montreal (BMO) connects its services to its 13 million customers across Canada, the United States, and select global markets. It's a mix of physical presence and heavy digital investment, especially following recent strategic moves.

Extensive North American branch network, including 150 planned new U.S. branches.

Bank of Montreal (BMO) is actively reshaping its physical footprint, especially in the U.S. As of October 16, 2025, the bank announced a plan to open 150 new branches over the next five years, heavily concentrating these in high-growth markets like California. This expansion is happening alongside a network optimization where BMO entered an agreement to sell 138 BMO branches, primarily in the Midwest and Mountain states, to First-Citizens Bank & Trust Company. First Citizens Bank will assume about $5.7 billion in deposits and purchase about $1.1 billion in loans from these divested locations. As of July 31, 2025, BMO's total assets stood at $1.4 trillion, growing to $1.5 trillion by October 31, 2025.

Here's a snapshot of the physical network scale and strategic shifts:

Mobile and Online Banking platforms (primary channel for P&C).

For Personal and Commercial Banking (P&C) clients, digital channels are central to service delivery. BMO's Mobile Banking app and Online Banking platforms allow customers to manage goals across channels, for instance, by using the BMO Savings Goals feature. The bank's digital leadership in Canada is recognized; BMO ranked first in EMARKETER's 2025 Canada Mobile Banking Features Benchmark for the second year running. The platform achieved top rankings in categories including account management, alerts, digital money management, and security. To be fair, digital reliance is high, with a survey showing that 45 percent of U.S. millennials and Gen Zers report only banking digitally.

Key digital channel features include:

• BMO Mobile Banking app and Online Banking access.
• Enhanced Transaction Details for credit and debit card activity.
• BMO SmartProgress: a free online financial education platform with over 40 interactive modules.
• InnoV8 Customer Feedback Assist: an LLM-powered tool to process customer reviews.

BMO Capital Markets and Wealth Management advisory teams.

The advisory services channel is critical for institutional and high-net-worth clients. BMO Capital Markets is noted as a key contributor to BMO's diversified earnings. The Wealth Management division expanded its reach on November 1st, 2025, with Burgundy Asset Management joining BMO to further private wealth solutions. For context on the scale of the investment banking side, the average total median pay for BMO Capital Markets employees was reported at $135,000, based on median base pay of $85,000 and a median bonus of $50,000.

ATM network and third-party payment processors.

Physical access for cash and basic transactions is maintained through an extensive ATM footprint, often leveraging partnerships. In the U.S., BMO U.S. Personal and Business Banking provides access to over 40,000 BMO and Allpoint® ATMs for surcharge-free access. In Canada, the Personal and Commercial Banking segment supports clients through more than 3,300 ATMs. BMO is also a registered member of the ATM Industry Association. You should note that non-BMO ATMs in Canada or any ATM outside of Canada may apply a convenience fee on top of BMO's potential transaction fees. Finance: draft 13-week cash view by Friday.

Bank of Montreal (BMO) - Canvas Business Model: Customer Segments

You're looking at the core client groups Bank of Montreal serves as of late 2025, based on their latest fiscal reporting. It's a North American focus, heavily diversified across retail, commercial, and capital markets.

Bank of Montreal, the eighth largest bank in North America by assets, reported total assets of $1.5 trillion as of January 31, 2025. The bank serves approximately 13 million customers across Canada, the United States, and select global markets.

Canadian Personal & Commercial (P&C) clients

This segment is the bedrock, providing financial products and services to nearly eight million customers across Canada. For the fourth quarter of fiscal 2025, this business earned a net income of $752 million. Revenue for the quarter reached $3.1 billion, up 7% year-over-year, driven by higher net interest income. The efficiency ratio for Canadian P&C improved to 43.1% for the full fiscal year 2025.

• Serves nearly eight million customers across Canada.
• Q4 2025 net income: $752 million.
• Reported Q4 2025 revenue: $3.1 billion.
• Full-year 2025 efficiency ratio: 43.1%.

U.S. Banking clients (Retail and Commercial, post-Bank of the West)

The integration of Bank of the West significantly scaled the U.S. presence, which now serves over 10 million clients in total across its platform. The U.S. Personal and Commercial Banking unit alone serves four million customers. In the fourth quarter of 2025, the U.S. Banking division reported earnings of $807 million. The adjusted Return on Equity (ROE) for the U.S. banking segment was 8.1% for fiscal 2025.

The bank is actively optimizing its physical footprint, announcing the sale of 138 branches while planning to open 150 new branches over the next five years.

High Net Worth and Ultra High Net Worth individuals (Wealth Management)

BMO Wealth Management serves a full spectrum, from mainstream clients up to ultra-high net worth individuals in both Canada and the U.S.. This group is a high-ROE business for Bank of Montreal. Net income for the Wealth Management segment saw strong growth, increasing 53% in Q1 2025 and growing 28% in Q4 2025 compared to the prior-year quarter. Private wealth fees increased by 12%, driven by strong net new assets and Assets Under Management (AUM).

Corporate, institutional, and government clients (Capital Markets)

This segment provides a full suite of services, including underwriting, advisory, and trading, to corporate, institutional, and government entities. Capital Markets reported a net income of $521 million in Q4 2025, with an adjusted net income of $532 million. Revenue for the segment was up 14%. Within Canadian investment banking specifically, Bank of Montreal ranked number one in M&A deals and number two in ECM league tables for the year. Commercial Treasury and Payment Solutions (TPS) fees showed significant growth, up 23% year-over-year.

Middle-market private equity sponsors and their portfolio companies

Bank of Montreal's Sponsor Finance platform has built a franchise that has invested over $49 billion in capital since its inception, with platform assets currently at $23 billion. This business partners with nearly 350 middle-market private equity sponsors. Since inception, they have arranged over 1,500+ transactions totaling over $131 billion.

Here's a quick look at the scale of the Sponsor Finance relationships:

The bank also manages $4.5 billion of GP loan programs.

Bank of Montreal (BMO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Bank of Montreal's operations as of late 2025. It's a mix of necessary operating costs, strategic investments, and provisions against economic uncertainty. Honestly, managing these large, fixed-ish costs while trying to hit a target Return on Equity (ROE) of at least 15% is the core challenge right now.

The cost structure is heavily influenced by personnel, credit risk management, and technology modernization. Here's a breakdown of the key financial components driving expenses and provisions for the Fiscal 2025 period and near-term outlook.

The most concrete way to see the scale of these costs is to look at the major financial line items from the Fiscal 2025 results:

High employee-related costs are definitely a factor. You see this reflected in the compensation figures, which are tied to both the size of the workforce and performance-based pay. For the fourth quarter of 2025, adjusted expenses rose 9% year-over-year, largely driven by these personnel costs.

• Higher employee compensation in Q4 2025 totaled $2.98 billion, up from $2.69 billion in Q4 2024.
• Underlying expense growth for the full Fiscal 2025 year was reported at 4%.
• The bank is investing in talent, which contributes to these ongoing employee-related costs.

The Provision for Credit Losses (PCL) is a direct measure of expected credit quality costs. For the full Fiscal 2025 year, the total PCL was $3,617 million, which was actually a slight decrease from $3,761 million in the prior year. Still, this is a significant allocation of capital against potential loan defaults.

Technology and digital infrastructure investment is ongoing, a non-negotiable cost for a modern bank. While a precise, all-encompassing 2025 technology spend number isn't immediately available in the same way as PCL, the commitment is clear through expense commentary. The bank is growing its investments in technology and automation to drive future efficiency and client value. This is part of balancing cost discipline with strategic growth.

Branch network optimization is an active cost area involving both charges and redeployment. Bank of Montreal is actively managing its physical footprint to align with where client engagement is strongest. This involves both exiting some locations and building new ones.

• Announced sale of 138 BMO branches in select U.S. markets.
• Plans to open 150 new branches over the next five years in core markets.
• The sale of the 138 branches resulted in a goodwill charge of approximately US$75 million (CAD$104 million) in Q4 2025.

Looking ahead, the bank is proactively managing its structural expense base. They are planning a significant one-time cost to achieve future savings. Finance: draft 13-week cash view by Friday.

Bank of Montreal (BMO) - Canvas Business Model: Revenue Streams

You're looking at how Bank of Montreal (BMO) actually brings in the money, which is the core of its Business Model Canvas. Honestly, for a bank this size, it boils down to two massive buckets: what they earn on their money and what they charge for services. It's about scale and fees, plain and simple.

For Fiscal 2025, the primary engine was the spread between what they pay depositors and what they earn on loans. Net Interest Income (NII) from lending totaled $21,487 million. That's the bread and butter, the result of managing a huge balance sheet effectively across their Canadian and U.S. operations.

The second major component is Non-Interest Revenue, which is essentially fee income from all the services they provide. This stream hit $14,787 million in Fiscal 2025. This revenue line shows how much clients value BMO's transactional, advisory, and asset management capabilities.

Here's a quick look at how those two main streams stack up based on the figures you need to track for the Fiscal 2025 performance:

Now, let's break down where that Non-Interest Revenue really comes from, because that's where the specialized value propositions live. You see significant contributions from the higher-margin, relationship-driven businesses.

Fee-based revenue from specialized areas showed serious momentum, especially in the latter part of the year. You'll want to watch these segments closely as they often carry higher operating leverage:

• Wealth Management fees, driven by Assets Under Management (AUM) fees and net sales, saw strong performance.
• Capital Markets fees, particularly underwriting fees from investment and corporate banking activities, were a major contributor.
• In Q4 2025 specifically, Wealth Management adjusted net income gained 28% year-over-year.
• Capital Markets adjusted net income jumped an impressive 97% year-over-year in Q4 2025.

Don't overlook the operational cash flow from the commercial side, either. The Treasury and Payment Solutions (TPS) platform is clearly a key differentiator for BMO's commercial franchise. This is where clients pay for the plumbing of their daily operations-moving money efficiently.

The growth here was exceptional, signaling strong client adoption of their integrated North American platform. Commercial Treasury and Payment Solutions fees specifically grew by 23% year-over-year. That kind of double-digit growth in a core service area is exactly what drives positive operating leverage across the entire Commercial Banking segment. It's a clear win for their integrated strategy.

Finance: draft 13-week cash view by Friday.