Canada-based Bank of Montreal (BMO) has eliminated nearly 1,000 jobs during the fourth quarter of current fiscal, as part of its strategy to trim down operational cost and boost efficiency.
BMO chief operating officer Frank Techar was quoted by The Canadian Press as saying, “We did see a big reduction in the head count.”
“For the quarter we overshot a little bit.”
“We do have some outstanding vacancies that I would expect will fill as we go into the first quarter,” Techar told the news agency.
According to the lender, most of the cuts were made at its Canadian personal and commercial banking operations, where nearly 730 jobs were slashed.
The bank further said that total redundancies were full-time equivalent positions; however, it also comprised some part-time jobs.
BMO had almost 46,628 employees across its business, including its US banking operations, wealth management division and capital markets, which decreased to 45,631 by end of October quarter.
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via BMO slashes 1,000 jobs in fourth quarter to boost operational efficiency – Banking Business Review.
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