Bloomberg News

BMO Capital Markets Cuts Jobs to Focus on ’Productivity’

February 24, 2012

Feb. 24 (Bloomberg) -- Bank of Montreal’s investment- banking unit is paring jobs to focus on “productivity,” according to bank spokesman Paul Deegan.

Bank of Montreal laid off 60 people in its North American capital-markets unit, with traders in equity, foreign exchange and mortgage-banking operations affected, Dow Jones Newswires reported today, citing an unidentified person. Deegan wouldn’t confirm the number of people affected.

“We continue to build our North American platform with a unified approach to client coverage while ensuring staffing levels are commensurate with the capital markets environment,” Deegan said in an e-mailed statement. “The reductions are part of our focus on productivity and we would expect to continue to be hiring over the course of the year as we grow our business.”

Toronto-based Bank of Montreal is Canada’s fourth-biggest bank by assets.

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

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net


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