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BMO celebrates as only banks can


December 7, 2013

Amidst excitement about setting a new all-time record for annual profit, BMO celebrated by laying off 1,000 people.
 
BMO made $4.2 billion net profit in the last fiscal year. But that was only a one per cent increase over last year’s record profit, and Bay Street analysts were disappointed. Clearly something had to be done. So the 1,000 “full-time equivalent” positions were axed, just in time for Christmas.
 
In its enthusiasm, BMO admits it might have laid off too many. “For the quarter we overshot a little bit,” COO Frank Techar said. “We do have some outstanding vacancies that I would expect will fill as we go into the first quarter.”
 
So a few of those workers could be hired back. Will those “new” jobs be “full-time equivalent”? You must think BMO is made out of money.
 

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