Bank of Montreal 2008 Annual Report Download - page 11

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BMO Financial Group 191st Annual Report 2008 | 7
OUR VALUES
Take Pride
In what we do and where we work
Keep Your Word
Never waver from our commitments to our customers
and each other
Embrace Diversity
Gain strength through our people and our perspectives
Do the Right Thing
Demonstrate respect for all and earn trust through
the integrity of our actions
Have the Courage to Win
Focus on what makes us successful
OUR VISION
To be the bank that defines great
customer experience.
OUR PROMISE TO CUSTOMERS
We will provide the clarity you
need to make the right decisions
with your money.
The vision driving
our strategy
At the core of our strategy is a
customer-focused vision for bringing
clarity to our customers. Our vision
galvanizes all 37,000 of our employees
and empowers every individual to play
a role in achieving our strategic goals.
The active steps we took during the year to manage and reduce
exposure in securitized asset and structured debt programs enabled us
to make significant progress in reducing risk in this area. Our strategy
going forward is to balance the objectives of continuing to reduce the
size of these programs while preserving asset value.
In each group we have a defined business
strategy built around our customers and
our strengths.
Throughout the pages of this report, we have illustrated the performance
of our four principal operating groups.
Personal and Commercial Banking Canada (P&C Canada) reported very
good results in 2008, with revenue and net income improving each
quarter. The group grew revenues at a higher rate than in 2006 and
nearly twice the 2007 rate. We are in a period of strategic spending –
executing deliberate plans and investing to improve our competitive
position. But in the current environment, we are also highly mindful
of making every dollar count. Expenses are being tightly controlled,
as they are across the enterprise.
Customers are experiencing newer branches, improved service,
innovative retail offerings and, in the fall of 2008, we increased our
advertising in major urban centres in both Canada and the
United States.
Personal and Commercial Banking U.S. is recognized for very high
loyalty scores and strong customer relationships. Fiscal 2008 brought
many new customers to Harris –customers seeking a strong and stable
financial institution. We also continued to expand our branch network.
While conscious of the realities of today’s markets and the importance
of maintaining financial strength, we see opportunities ahead to
increase our share of the U.S. Midwest market.
Private Client Group earnings in 2008 reflect the depth of our offerings
and the quality of our relationships. It is notable that 2008 net income
equalled 2007’s record results. This business offers products that
are highly attractive to customers and help them to plan and invest
for their retirement years –and it’s tied to our entire commercial
and personal distribution platform in Canada and the United States,
which provides further opportunity to grow.
BMO Capital Markets earnings in 2008 flowed from strong performance
in our interest-rate-sensitive and foreign exchange businesses. This
strength served to offset softness in some of our fee-based businesses.
The emphasis going forward will be on customer relationships, advice
and execution.
PRESIDENT AND CHIEF EXECUTIVE OFFICER’S MESSAGE