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Bank of Montreal Cuts 997 Full-Time Jobs

Dec. 3 (Bloomberg) -- 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 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 dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Peter Eichenbaum at peichenbaum@bloomberg.net

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