Watch Live


Bank of Montreal Cuts 997 Full-Time Jobs

Bank of Montreal cut about 997 full-time jobs, or 2.1 percent of its workforce, since July 31 as Canada’s fourth-largest lender pared expenses.

Three-quarters of the job reductions were in Canada, where the Toronto-based bank had 743 fewer full-time positions at the end of October compared to July 31, according to financial statements posted today on the company’s website. Bank of Montreal had 45,631 full-time employees as of Oct. 31, down from 46,628 at the end of the third quarter, the statement shows.

“We did see a big reduction in the head count,” Chief Operating Officer Frank Techar said in a call with analysts after releasing fiscal fourth-quarter earnings. “We do have some outstanding vacancies that I would expect we’ll fill as we go into the first quarter or two, so the number is probably a little low this quarter relative to our expectation for a run rate going forward,” he said.

Bank of Montreal (BMO) said non-interest expenses declined 3.9 percent to C$2.6 billion in the fourth quarter from the same period a year earlier.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editors responsible for this story: David Scanlan at; Peter Eichenbaum at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.