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Bank of Montreal Cuts 200 U.S. Jobs as Part of M&I Integration

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Sept. 14 (Bloomberg) -- Bank of Montreal, Canada’s fourth-largest lender by assets, is cutting an additional 200 U.S. jobs as it integrates its C$4.1 billion ($4.2 billion) takeover of Marshall & Ilsley Corp.

The lender’s Chicago-based BMO Harris Bank eliminated 74 Wisconsin jobs at a data center in Cedarburg and a mortgage underwriting office in Sun Prairie as part of reductions taking place in the next five months, according to Jim Kappel, a company spokesman. The other positions being eliminated are mostly overlapping corporate functions, Kappel said.

The cuts come about three months after the bank said it would close 24 U.S. branches, affecting 130 workers.

Bank of Montreal bought M&I in July 2011, the largest acquisition in the Toronto-based lender’s history, to double its U.S. deposits and branches.

The job cuts were reported earlier today by American Banker.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Rick Green at rgreen18@bloomberg.net

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