Report on Business

You are here

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.
 

Geo Tags: 

Featured Event

Events

Recent Videos

The Socialist Vocalist raps against precarity and in support of solidarity
The documentary shows the greed of corporate America and the hope for a better future
The latest from the female-fronted hard rock band takes on Trump's America
Visit our YouTube Channel for more videos: Our Youtube Channel
Visit our UStream Channel for live videos: Our Ustream Channel