Posted AT 2:37 PM EST on 17/05/07
BMO now says it lost $680-million
Bank of Montreal on Thursday boosted the estimated size of its trading losses to $680-million, pretax, and said it will restate first-quarter earnings.
Canada's fourth-biggest bank had said April 27 natural gas bets resulted in losses of between $350-million and $450-million. On May 1 it acknowledged there could be further gains or losses on the portfolio.
Now, it appears those losses are larger than first estimated.
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