Bank of Montreal wants to continue developing its wealth management and private banking business in the US through its subsidiary Harris Ban...

Bank of Montreal wants to continue developing its wealth management and private banking business in the US through its subsidiary Harris Bank, despite saying that Harrisdirect, its online discount brokerage, is not meeting its financial expectations.

“While it is not currently meeting our financial performance expectations, we are actively engaged in improving performance and it provides us with a wealth management distribution channel in the US,” said Tony Comper, Bank of Montreal's chief executive, said in a statement.

The bank recently streamlined its business model for Harrisdirect, in hopes that the changes will bring it in line with its targets.

“We believe Harrisdirect is a valuable component of our US wealth management offering and that its contribution to our operating results will grow over time,” said Mr Comper.