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A Bank of Montreal location in Toronto.
A Bank of Montreal location in Toronto.
(DEBORAH BAIC/THE GLOBE AND MAIL)

BMO betting on 2014 turnaround for weak U.S. retail arm

Nearly three years on from its blockbuster acquisition, Bank of Montreal believes it can finally juice some growth out of its anemic U.S. arm.

Since buying Midwest-based Marshall & Ilsley Corp. for $4.1-billion in 2011, BMO has struggled to drum up momentum in U.S. personal and commercial banking. For the most part, investors were willing to give the bank some leeway, understanding that a major acquisition involves growing pains, but signs of panic emerged last quarter when BMO’s U.S. P&C profit drop precipitously.